ECC allows PLL to execute the proposed framework agreement with SOCAR Trading

MG News | June 14, 2023 at 01:54 PM GMT+05:00

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June 14, 2023 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Wednesday allowed Pakistan LNG Limited (PLL) to execute the proposed framework agreement with State Oil Company of Azerbaijan Republic (SOCAR) Trading, said a press release issued by the Finance Division.

In this regard, the committee directed the Ministry of Petroleum to determine the nation's need for LNG at least three months in advance on a rolling basis.

The committee considered a Summary of the Ministry of Energy (Petroleum Division) regarding the Framework Agreement between PLL and SOCAR.

In addition, the ECC also approved Rs404.77 million as TSG in favor of the Cabinet Division for various requirements of the 6 Aviation Squadron.

The ECC also granted Rs157.73mn additional funds in favor of the Ministry of Industries and Production for the payment of Employees’ salaries of Heavy Electrical Complex (HEC), a markup to Bank of Khyber, and operating/ running expenses, subject to reconciliation of figures from Finance Division.

It further directed the Privatization Commission to complete the privatization process of HEC by June 30, 2023.

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