ECC to decide LNG import today

Attention: open in a new window. PDFPrintE-mail

ISLAMABAD - The Economic Coordination Committee (ECC) of the cabinet would meet on Tuesday (today) under the chair of Finance Minister Dr Abdul Hafeez Shaikh to consider the new initiative to import one billion cubic feet per day (bcfd) of liquefied natural gas (LNG).

Sources informed TheNation that ECC is likely to take eight-point agenda in its meeting to be held on Tuesday. The ECC would consider summary moved by Ministry of Petroleum and Natural Resources proposing to import LNG in three stages. The summary proposed that under long-term projects in two phases, 400 million cubic feet of LNG per day (mmcfd) will be imported in the first round and the same quantity in the second round. In addition to these, 200 mmcfd will be imported on a fast-track basis from international sources through direct negotiations, competitive bidding.

The ECC would also take summary of the Commerce Ministry for the protection of local motorcycle industry of the country. According to the proposed summary, new entrants to the motorcycle industry should be allowed to start production with 25 percent locally manufactured parts which would take the level to 85 per cent at the end of five years of operation.

The Economic Coordination Committee (ECC) is likely to approve government guarantees for building hydropower projects in Azad Jammu and Kashmir (AJK). Sources further informed that ECC would also take a summary moved by Ministry of Production seeking renewal of Rs 2 billion worth of government guarantee for Pakistan Steel Mills (PSM).

Meanwhile, the ECC in its meeting would also decide whether to release latex foam imported from India.

Courtesy: The Nation

Forex open Market rates & comments Archive

Login Form