July 20, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the import of 200 KMT of Urea from Chinese companies at a negotiated rate of $500/MT (FoB), said a press release issued today.
The meeting of the ECC was held under the chairmanship of the Federal Minister for Finance and Revenue Miftah Ismail.
As per the press statement, the Ministry of Industries and Production submitted a summary seeking authorization to the Trade Corporation of Pakistan (TCP) for signing an agreement with Chinese firms for the import of 200 KMT Urea from M/s Sinochem Fertilizer and M/s CNAMPGC at a negotiated rate of $500/MT (FoB) on 90 days deferred payment with markup basis.
The ECC approved the summary subject to discussion and decision in the Cabinet regarding the allocation of Rs22 billion for this import with $100 million as exchange cover, which has not been allocated into the budget 2022-23.
Besides, Ministry of Energy (Petroleum Division) tabled a summary on rate of Petroleum Levy on Liquefied Petroleum Gas(LPG). The ECC returned back the summary to the Ministry for reconsideration of the proposal.
Commerce Minister Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State D. Aisha Ghous and others attended the meeting.