The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Economic Coordination Committee of the Cabinet (ECC) at the Prime Minister’s Office this evening.
ECC approved the proposal sent by the Ministry of States and Frontier Regions(SAFRON) for the provision of remaining amount of 85,000 MT of wheat to the temporarily displaced people of FATA and KP out of the total amount of 155,000 MT which was already approved in principal by the forum. This wheat will be consumed during the period of June _September 2015. The Finance Ministry will pay Rs. 3.444 billion for this quantity as fixed by PASSCO.
On a summary moved by the Ministry of Petroleum and Natural Resources for the Import of Petroleum Products on C&F basis, ECC decided that PSO is allowed to import Premier Motor Gasoline (PMG) and Low Sulpher Furnace Oil (LSFO) on C&F basis while import of High Sulpher Furnace Oil (HSFO) would be through PNSC.
“For the Import of LNG –Use of FSRU to pick next four cargoes of LNG on FOB Basis from RAS LAFFAN Qatar”, the ECC decided that PSO being a corporate entity may decide on the issue of buying LNG on FOB basis till finalization of LNG supply agreement with Qatar.
ECC also approved pricing parameter for RLNG which includes PSO’s margin up to 4% and SNGPL/SSGL administrative margin up to $ 0.05/MMBTU (Rs. equivalent), subject to review after three months by a Committee consisting of Secretary Finance, Secretary Petroleum, Secretary Water and Power and Secretary Law.
On a Summary moved by Ministry of Petroleum and Natural Resources for “ Fast Track LNG Import Terminal, LNG Services, Storage and Re-gasification by EETPL at Port Qasim”, ECC approved to allow PQA(Port Qasim Authority) to follow the SIGTTO Standards or to decide on its own technical parameters for berthing of LNG ships/ Vessels.
ECC also gave approval for the extension of time period for the export of 1.2 million tons of wheat till the 31st of July 2015 to the provinces of Punjab and Sindh.