ECC approves signing of an arbitration agreement between SSGC and K-Electric

May 21, 2021 (MLN): The Economic Coordination Committee (ECC), in its meeting held on Friday, has approved the signing of an arbitration agreement between Sui Southern Gas Company (SSGC) and K-Electric as well as some other entities like NTDC for the acquisition of the power utility by a Chinese firm.

In 2016, KE submitted an application for National Security Certificate (NSC) to the Privatization Commission in a bid to transfer 66.4% shares to Shanghai Electric Power (SEP). SSGC has agreed to enter into an arbitration agreement with KE as it will settle the dispute over receivables between SSGC and K-Electric.

The board of directors also authorized the managing director of SSGC to sign an arbitration agreement under the umbrella of the federal government.

In today’s meeting, the committee also approved Supplementary grants for housing projects, the ministry of defense, petroleum, industries, and production. Moreover, the Gas supply from the Hur field has also been approved.

Besides, ECC has delayed the approval of 10% protection for oil refineries of Pakistan in the new proposed refinery which will be effective from January 1, 2022. The ECC will take it on its agenda in the upcoming meeting next week.

In addition, summaries for the second tranche of the Ehssas program and turnover tax and tax incentive for special zones have been deferred and will be presented again in the upcoming meeting as ECC couldn’t deliberate upon the issues due to short of time.

Copyright Mettis Link News

Posted on: 2021-05-21T17:52:00+05:00