ECC approves import of 160,000 MT of Urea fertilizers

November 18, 2022 (MLN): The Economic Coordination Committee (ECC) has allowed Trading Corporation of Pakistan (TCP) for import of 125,000 MT on G2G basis from China and import of 35,000 MT on G2G basis from Azerbaijan, a press release issued by Fianance Division on Friday.

The Meeting led by Finance Minister Ishaq Dar, reviewed a summary submitted by the Ministry of Industries and Production for the procurement of 200,000 MT of urea, and revealed that it had negotiated various options, including import from Chinese firms who have committed to supply the negotiated quantity of urea fertilizer at the lowest cost.

After discussion, ECC allowed TCP to proceed ahead for import of 125,000 MT on G2G basis from China for meeting demand of Urea fertilizer and import of 35,000 MT on G2G basis from Azerbaijan.

In addition, ECC directed TCP to explore feasible options for import of remaining quantity of Urea fertilizer to meet the strategic reserves of 200,000 MT.

During the meeting, ECC also considered a summary tabled by Ministry of Energy, Petroleum Division on High Speed Diesel (HSD)/Gas Oil premium.

The ECC recommended that Pakistan State Oil (PSO) weighted average premium (KPC & Spot) may be applied for HSD price computation as per Federal Govt applicable policy guidance and in case of higher HSD premium paid by importing OMCs other than PSO, the differential of premium will be computed in the price.

Moreover, ECC also approved technical supplementary grant of Rs115 million in favour of Ministry of Housing and Works.

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