ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved import of petroleum products on foreign suppliers account through Customs bonded storage facilities and Sale Purchase Agreement between PSO and between OQ Trading of Oman.
Presided over by Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The forum took up nine agenda items related to different Ministries/Divisions.
The ECC considered and approved a Summary regarding provision of PASSCO’s Wheat Stocks to all recipient agencies at the rate of 85% local and 15% imported wheat. The Summary was submitted by the National Food Security and Research Division. The proposal was based on recommendation of Board of Directors of PASSCO to ensure the timely disposal of imported wheat stock.
The ECC also considered and approved a summary with proposal of Petroleum Division to allow import of petroleum products on foreign suppliers account through Customs bonded storage facilities. The proposal focused on the development and strengthening of the key pillars of the country’s energy security architecture in the oil and gas sector, which includes indigenization, development of strategic petroleum reserves and promotion of Customs bonded storage facilities to ensure a resilient and sustainable petroleum supply chain.
The ECC also considered and approved the Summary submitted by the Petroleum Division with the proposal to approve a Sale Purchase Agreement (SPA) in pursuance of Inter-Governmental Agreement (IGA) earlier signed between the Government of Pakistan and Sultanate of Oman. The SPA aims to promote and develop cooperation between OQ Trading and PSO in the field of energy.
The ECC further considered the Summary submitted by Defence Division and approved constitution of a committee to negotiate settlement enabling redevelopment of Roosevelt Hotel in coordination with the union.
The ECC also considered a Summary submitted by Defence Division and approved GoP Guarantee of USD 153.855 million (equivalent in PKR) on the basis of term sheet agreed between PIAIL and NBP.
The ECC also considered and approved proposal of Technical Supplementary Grant of Rs. 7797.160 million submitted by the Water Resources Division for Greater Karachi Bulk Water Supply Scheme (K-IV Project). The amount was remitted by the Government of Sindh from Provincial Consolidated Fund through Federal Consolidated Fund.
The ECC also considered and approved proposal of Technical Supplementary Grant of Rs. 567.032 million, submitted by Interior and Narcotics Control Division, out of savings of Finance Division to Frontier Corps Balochistan (South) for smooth security of RekoDiq project activities.
