ECC defers summary on settlement of payables to govt owned power plants

February 09, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Wednesday has deferred the Power Division’s two summaries on Settlement of Payables to government-owned power plants and reinstatement of a tax on dividend for investors/shareholders of IPPs, said a press statement issued by Power Division.

In addition, ECC has also approved the Textiles and Apparel Policy, 2020-25 after deliberation as the Ministry of Commerce submitted revised Textiles and Apparel Policy, 2020-25 after incorporating a few changes along with the implementation report.

As per the details, the Ministry of Energy, Petroleum Division submitted a summary on 15 years’ extension of the lease contract between Saindak Metals Limited and MCC China for the Saindak Copper-Gold Project. ECC after a detailed discussion allowed the extension of the lease contract and recommended reviewing the financial aspect of the project annually by the professional expertise.

The ECC also approved the Ministry of Energy, Petroleum Division’s summary on the determination of RLNG sale price for PLL’s supply to K-Electric (KE).

On another summary of Ministry of Energy, Petroleum Division, for revision of gas price of Mazarani Gas field held by PPL and GHPL, the ECC approved the proposal of revision of gas price applicable to Mazarani Gas Field from US$ 1.75/MMBTU to US$ 3.75MMBTU from 1st September 2021.

ECC discussed in detail and approved summary submitted by the Ministry of Communication for issuance of sovereign guarantee or SBLC worth of Rs. 6944.0 million against Operational Viability Gap Funding (VGF) for the construction of the Sialkot (Sambrial) – Kharian Motorway project on a BOT basis.

The ECC also considered and approved Technical Supplementary Grants submitted by different Ministries/Divisions. 

Federal Minister for Finance and Revenue Mr Shaukat Tarin presided over the meeting. Meanwhile, Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Energy Mr Hammad Azhar, Federal Minister for Privatization Muhammedmian Soomro, Adviser to the PM on Commerce and Investment Abdul Razak Dawood, Federal Secretaries and senior officers attended the meeting.

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