ECC approves shifting of Fatima Fertilizer, Agritech plants on indigenous gas

MG News | July 28, 2022 at 11:12 PM GMT+05:00

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July 28, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet has approved the proposal of shifting Fatima Fertilizer (Sheikhupura Plant) and Agritech plant on indigenous gas, said a press release issued today.

Federal Minister for Finance and Revenue Mr Miftah Ismail presided over the ECC meeting at Finance Division today.

Ministry of Industries and Production submitted a summary on issues faced by Fatima Fertilizer (Sheikhupura Plant) and Agritech. Both the SNGPL-based plants are operated by provisioning of RLNG on a cost-sharing basis.

The gas rate for the operation of these plants is worked out on the basis of Variable Contribution Margin (VCM). Due to increase in fuel prices and other factors, both plants have approached M/o I&P for revision of VCM and capping of GST at the price paid by the plants.

ECC after discussion approved the proposal to ensure compliance with the earlier decision of the ECC and the Federal Cabinet of shifting both the plants to indigenous gas.

The ECC further directed the Ministries of Petroleum, Finance, National Food Security and Industries & production to work out the gas price/VCM for the Fertilizers.

The ECC also decided that Sales tax may be charged on the actual price of the gas being paid by the company.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Planning, Development and Special Initiatives Mr Ahsan Iqbal, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Federal Minister for Power Mr Khurram Dastgir Khan, Federal Minister for National Food Security and Research Chaudhary Tariq Bashir Cheema, Mr Shahid Khaqan Abbasi – MNA/ex-PM, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Minister of State for Petroleum Mr Musadik Masood Malik, Rana Ihsan Afzal, Coordinator to the PM on Commerce & Industry, Coordinator to the PM on Economy Mr Bial Azhar Kayani, Federal Secretaries and senior officers attended the meeting.

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