Economic Coordination Committee of Cabinet in its meeting accords approval to different projects

Islamabad, January 28, 2016 (PPI-OT): The Economic Coordination Committee of the Cabinet here on Thursday considered proposals regarding different projects and accorded approval on them. On a proposal regarding issuance of policy guidelines to NEPRA for power tariff rationalization, the ECC approved reduction up to Rs.3 (three rupees) per Kwh in existing base tariff for the Industrial consumers of all discos for the year 2015-16, for units consumed from January 1, 2016 onwards. The ECC also gave instructions for NEPRA not to pass on the negative fuel price adjustment to the industrial consumers till the tariff determination/notification of all X-Wapda discos.

The Committee noted and placed on record the report presented by Secretaries Committee concerning LNG sale and purchase agreement. It may be recalled that the ECC while considering a proposal on 12th January 2016 submitted by the Ministry of P and NR had approved in principle the recommendations of the Pricing Committee to enter into agreement with Qatar Gas-2. ECC had also allowed PSO, as buyer to execute the sale and purchase agreement on Government to Government arrangement.

Simultaneously the ECC had constituted a committee comprising Secretaries P and NR, Finance Division. Law and Justice and Chairman OGRA to examine some related legal and commercial aspects of the proposal. The Committee accordingly prepared and submitted its report. The ECC on a proposal by Ministry of P and NR regarding financing of Pipeline Infrastructure Development Plan for the upcoming LNG and anticipated indigenous supplies reaffirmed its decision of 3rd September 2015 allowing gas companies to arrange funding from commercial banks backed by GoP Sovereign Guarantee.

The ECC on a proposal submitted by the Ministry of Petroleum and Natural Resources gave ex-post facto approval in respect of 6 cargoes arranged by PSO from Qatar Gas under Government to Government arrangement on FOB basis on board FSRU as LNG carrier. The Chair on this occasion gave instructions for reconvening ECC meeting on Friday 29th January 2016 to consider important left over agenda items including provision of salaries to the Pak Steel Mills and supply of wheat to TDPs through the WFP.

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