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Finance Minister chairs Economic Coordination Committee meeting of Cabinet

Islamabad, May 16, 2014 (PPI-OT): The ECC of the Cabinet met here today under the Chairmanship of the Federal Minister for Finance, Senator Mohammad Ishaq Dar at the Prime Minister’s Office today.

The ECC was informed by Secretary Petroleum and Natural Resources that recently the Mari Petroleum Company Ltd. has discovered additional gas in Pirkoh formation of Mari D and P Lease area and based on the initial test results and broad assessment of reservoirs size/potential, approximately 06MMCFD is projected to be available for supply at its natural specs (raw gas) and pressure for an estimated initial period of 18 months.

ECC gave approval to the proposal that 06MMCFD gas which will be available for an estimated period of 18 months, to be allocated to Thermal Power Station Guddu (TPSG) of WAPDA being in the vicinity of MPCL’s field and capable to off-take the gas readily.

ECC also approved the summary of Ministry of Water and Power for issuance of sovereign guarantee by Ministry of Finance in respect of indicative terms and conditions for syndicated term finance facility up to to Rs.31 billion for the power sector.

ECC also considered and approved the Ramazan Relief Package 2014 for up to Rs.2 billion to be provided on essential commodities being sold at USC. The subsidy to be provided on Atta is Rs.6/kg, ghee/oil Rs.10/kg, Dalls channa, Moong Mash, Msoor Rs.10/kg each, while Gram Rs.10, Baisen (Chakki) Rs.10/kg, Dates Rs.10/kg, Rice Sella Rs.10/kg, Broken Rice Rs.10/kg, Squashes and Syrups Rs.10/kg, Black Tea Rs.50/kg, Milk (Tetra Pack) Rs.10/litre and Spices 10%. Effective date of Ramazan Relief Package will be from 23rd June, 2014.

The ECC considered the summary of the Ministry of Water and Power regarding approval of Policy Framework for private sector transmission lines projects. The salient features of the policy are offering transmission system projects to the private sector on BOOT model.

The policy covers transmission lines and grid stations of 220 KV voltage and above. The time of the project will be five years and PPIB will be providing one window facility. The Finance Minister said that instead of giving upfront tariff for transmission lines project, international competitive bidding model should be considered in order to take the country on to the right path.

He said that in finalizing policy framework for transmission lines project by the private sector all stakeholders including Law Division should be consulted and the policy framework should be resubmitted to the ECC.

The ECC was also informed that there sufficient stocks of imported urea available with the NFML to meet the requirements of the Kharif Crop. The Finance Minister directed to Ministry of Industry and Production and the officials of NFML to dispose of the available stocks of urea at the earliest for the benefit of the farmers.

The meeting was also attended by Khawaja Mohammad Asif, Minster for Water and Power,Mr. Ghulam Murtaza Khan Jatoi, Minister for Industries and Production, Mr. Shahid Khaqan Abbasi, Minister for Petroleum and Natural Resources, Mr. Zahid Hamid, Minister for Science and Technology, Mr. Sikandar Hayat Khan Bosan, Minister for National Food Security, Khawaja Saad Rafiq, Minister for Railways, Ms. Anusha Rehman Khan, MOS for I.T and Telecom, Federal Secretaries and senior officials of the government.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326
Email: piopid@gmail.com

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