Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) at Finance Division, today.
Federal Minister of Planning, Development & Special Initiatives Mr. Ahsan Iqbal, Federal Minister for Commerce Syed Naveed Qamar, Mr. Shahid Khaqan Abbasi MNA/ex-PM, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Pasha, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.
Ministry of Commerce presented a summary on procurement of wheat from Russia on G2G basis and submitted the offer of M/s. Prodintorg a state-owned enterprise of Russian Federation for supply of 300,000 MT of specified milling wheat @ US$ 372/MT for the shipment period from 1st November, 2022 to 15th January, 2023. The ECC after deliberation approved the summary.
Ministry of Energy (Power Division) presented a summary on revision of oil marketing companies (OMCs) margins on petroleum products. After comprehensive discussion, ECC approved the summary in principle and allowed the agreed revised margin at Rs. 6/liter but its implementation will be subject to fiscal space in POL prices.
Ministry of Energy (Petroleum Division) presented another summary for amendment in Power Purchase Agreement (PPA) for commissioning of designated project – CPEC – TCB – I (On Thar Coal) without financial close. The summary presented that that project is 90% complete but the company was unable to achieve the Financial Close due to unforeseen events and reasons which led to delay in Sinosure and lenders approvals. Therefore, request was made to consider and permit effectiveness of the PPA from the date of its execution i.e. 27-08-2019 and authorize CPPA to amend the PPA accordingly. The ECC after deliberation approved the summary and added that it must be ensured that there will be no impact on tariff through this decision and this summary is being approved due to exceptional situation.
Ministry of Energy (Power Division) presented another summary on Pakistan Energy Revolving Fund (PERF). The ECC after deliberation approved opening of an assignment account under the title of Pakistan Energy Revolving Fund (PERF) to be opened with SBP Islamabad and operated by CPPA.