Thursday, September 29, 2022
HomeEconomyECC ends third-party access to new LNG terminals, allows amendment in LNG...

ECC ends third-party access to new LNG terminals, allows amendment in LNG policy

August 29, 2022 (MLN):  The Economic Coordination Committee (ECC) of the Cabinet has approved the proposal to exclude new LNG terminals and associated facilities from application of Third-Party-Access (TPA) and allowed amendment in article 6.2(a) of LNG policy, 2011. 

The decision was taken during a meeting held in Islamabad with Finance Minister Miftah Ismail in the chair.

According to press statement issued by finance ministry today, Ministry of Energy (Petroleum Division) submitted a summary on amendments in LNG policy 2011 for exemption from mandatory Third-Party-Access (TPA) to new LNG Terminals.

It was argued that the gap between gas supply and demand in the country is widening resulting in gas load management affecting economic activities.

Under the circumstances and to diversify the LNG import infrastructure, there is a need to support and encourage foreign/private investment in the new LNG terminals at their own costs and risks to meet the growing demand of RLNG in the country.

Considering the objectives of attracting investment in LNG import terminal facilities, the ECC approved the proposal to exclude new LNG terminals and associated facilities from application of TPA and allowed amendment in article 6.2(a) of LNG policy, 2011. 

Further, on a summary submitted by Ministry of National Food Security & Research on allocation of 300,000 MT of wheat for Utility Stores Corporation (USC), the ECC directed Ministry of National Food Security & Research for resubmission of summary after incorporating complete details of incidental charges and comments of Finance Division.   

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Industries & production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Coordinator to the PM on economy Mr. Bilal Azhar Kayani, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Chairman FBR, Chairman OGRA, Federal Secretaries and senior officers attended the meeting.

Copyright Mettis Link News

 

 

Posted on:2022-08-20T01:06:42+05:00

34693

RELATED ARTICLES
- Advertisment -

Most Popular