ISLAMABAD: The Special Investment Facilitation Council (SIFC) will take up critical issues in meeting scheduled to be held today (Wednesday) pertaining to energy sector (Petroleum/ Power Divisions) including sale of 35 percent gas to third party from new discoveries, proposed amendments in new Greenfield Refineries Projects and way forward on the resolution of long standing issue of Karachi Electric (KE).
The committee will review upgradation of Brownfield Refineries Policy.
The Finance Bill 2024 introduced several changes that could impact the operations and upgradation of refineries. These include adjustments to import duties, taxes, and levies.
PD misses SIFC deadline to resolve issues facing oil refineries
The committee will also review Exploration and Production (E&P) Policy and regulatory interventions and implementation status of Council of Common Interests (CCI)’s directives and recommendations of apex committee headed by Deputy Prime Minister Ishaq Dar regarding sale of 35 percent gas from new discoveries to third party and Sindh Government reported opposed the move.
The forum will also review the progress being made Trans-Asia (flow) Refinery Ltd- Greenfield Policy amendment for new refinery using used equipment under Greenfield Refineries Policy.
The case of Jamshoro Joint Venture Limited will be taken in the light of SIFC’s directives given on October 1, 2024. The discussion will also be held on various options available for 50 mmcfd gas supply to NSCL.
The committee will also review progress on offshore oil and gas exploration progress on bidding process.
The committee will be apprised on decision of Balochistan High Court for revived bills and consequent, appeal at Supreme Court of Pakistan and reserved decision at Sindh High Court over gas tariff.
Other issues pertaining to oil and gas sector are operational continuity of liquid and LPG terminal at Port Qasim beyond existing implementation agreement and rationalization of LNG import vis-à-vis domestic consumption and status , solution of off grid Captive Power Industries and on grid power users still utilising gas as fuel.
In power sector the issues include way forward on the resolution of long standing issue of KE Hydel Projects at LOI stage- 47 LOI holders- final recommendations from Power Division.
Regarding Cat-III wind and solar projects – progress of IGCEP 24-34 and availability of quantum of Cat-III wind and solar projects would be discussed in the meeting, besides progress on approval of 7.8-MW Riyali Power Plant
Secretary Power Division will also brief the committee on power sector transmission and ancillary services projects – update on funding options of projects: 500kv Ghazi/ Barotha- Faisalabad West Transmission Line; 500kv Matiari – Moro- Rehimyar Khan Transmission Line; 2000 MVAR compensation devices; and 1000MW battery energy storage system (BESS).
Copyright Business Recorder, 2024