ECC takes up nine agenda items, clears wheat stock disposal, petroleum import plan

August 24, 2026 (MLN): The Economic Coordination Committee (ECC) of the Cabinet took up nine agenda items related to various ministries and divisions, approving summaries including including the disposal of PASSCO's wheat stocks, import of petroleum products through Customs bonded facilities, and a Sale Purchase Agreement between OQ Trading and Pakistan State Oil (PSO).

The meeting was held at the Finance Division and chaired by Minister for Finance and Revenue Senator Muhammad Aurangzeb, said a press release issued.

The ECC approved a summary submitted by the National Food Security and Research Division regarding the provision of PASSCO's wheat stocks to all recipient agencies at the rate of 85% local and 15% imported wheat.

The proposal was based on a recommendation of PASSCO's Board of Directors aimed at ensuring the timely disposal of imported wheat stock.

The forum also approved a summary moved by the Petroleum Division to allow the import of petroleum products on foreign suppliers' account through Customs bonded storage facilities.

The proposal is aimed at strengthening key pillars of the country's energy security architecture in the oil and gas sector, including indigenization, development of strategic petroleum reserves, and promotion of Customs bonded storage facilities to ensure a resilient and sustainable petroleum supply chain.

The ECC further approved a summary submitted by the Petroleum Division to approve a Sale Purchase Agreement (SPA), in pursuance of the Inter-Governmental Agreement (IGA) earlier signed between the Government of Pakistan and the Sultanate of Oman.

The SPA is aimed at promoting cooperation between OQ Trading and PSO in the field of energy.

The forum also considered a summary submitted by the Defence Division and approved the constitution of a committee to negotiate a settlement enabling redevelopment of the Roosevelt Hotel in coordination with the union.

The ECC additionally approved a GoP guarantee of $153.855mn (PKR equivalent) submitted by the Defence Division, based on a term sheet agreed between PIAIL and National Bank of Pakistan (NBP).

The forum also approved a Technical Supplementary Grant of Rs7,797.160mn submitted by the Water Resources Division for the Greater Karachi Bulk Water Supply Scheme (K-IV Project), with the amount remitted by the Government of Sindh from the Provincial Consolidated Fund through the Federal Consolidated Fund.

The ECC also approved a Technical Supplementary Grant of Rs567.032mn submitted by the Interior and Narcotics Control Division, drawn from savings of the Finance Division, for Frontier Corps Balochistan (South) to ensure smooth security of Reko Diq project activities.

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