Cement sector allowed gas supply: new finance minister chairs first ECC meeting

Attention: open in a new window. PDFPrintE-mail

The Econo-mic Co-ordination Committee (ECC) of the Cabinet has allowed the supply of gas to the cement sector, including its captive power plants, in the revised gas load management plan.

Sources said that Finance Minister Saleem H Mandviwalla, who chaired his first ECC meeting, reportedly took some decision despite the opposition of some key ministries, including approving Byco's request for reimbursing its operational cost.

The ECC normally meets on Tuesdays; however, the new Finance Minister convened the meeting on Friday, clearing most of the Petroleum Ministry's summaries, which have been put on hold by his predecessor. Some more decisions of Petroleum Ministry are likely to materialise in the next ECC meeting scheduled for Tuesday.

The Ministry of Petroleum and Natural Resources is reported to have moved a summary seeking ECC approval for allocation of gas from Latif field. The ECC was informed that Latif gas field was expected to produce up to 77.3 MMCFD gas with effect from the forth quarter of this year. Earlier, allocation from this field was 25 MMCFD. The ECC approved the allocation of 77.3 MMCDF gas from Latif Field to SSGCL and SNGPL on equal sharing basis.

On another summary moved by the Ministry, the ECC decided to allow import of cylinders/kits for which L/C opened or bank contract (as per State Bank Regulations) has already been concluded before December 31 last year. The ECC allowed import of parts/components of CNG kits for export of CNG kits subject to the condition that these parts are not locally manufactured, an official handout claimed.

The ECC also approved another summary moved by the Ministry of Petroleum regarding arrangement of diversion of already allocated gas from Engro's old plant to their new one till December 31 this year. The Ministry of Petroleum moved the summary seeking approval of the ECC for a short-term plan for allocation of gas to Engro Fertiliser Limited from alternate sources. The ECC approved the allocation of gas from Reti Maru, Sara West and Mari New Discovery to Engro in the interim period till the implementation of ECC's earlier decision.

On another summary moved by the Ministry, the ECC approved M/s Byco's request for reimbursement of operational cost of Single Point Mooring (SPM) through IFEM as per Parco rates. The Ministry of Finance submitted a summary to the ECC regarding federal strategic reserve of wheat maintained by the Punjab government and the ECC approved the cut-off/termination date for disposal of entire Wheat Reserve Stock maintained by Government of Punjab as of March 31 this year i.e. before procurement of wheat crop-2013.The ECC decided that Strategic Wheat Reserve (one million ton), if required may be maintained by Passco.

The Ministry of National Food Security and Research moved a summary seeking ECC approval for donation of wheat to the World Food Programme for internally displaced persons in Fata and Khyber Pakhtunkhwa. The ECC approved the donation of 75,000 tons of wheat to the WFP.

Courtesy: Business Recorder

Forex open Market rates & comments Archive

Login Form