The Economic Coordination Committee (ECC) of the Cabinet Wednesday considered and approved a summary of the Ministry of Industries and Production on revision of the price of imported urea and allowed to fix the Dealer Transfer Price (DTP) of 50 kg imported urea bag at Rs 2340 per bag by National Fertilizer Marketing Limited (NFML).
The ECC also provisionally approved incidental charges from KPT at Rs 594/bag and from Gwadar at Rs 1008/bag respectively to bring stability to the prices of urea in the market. The ECC further directed that the 50% of subsidy for imported urea should be shared by the provinces.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the committee here. Minister for Commerce Syed Naveed Qamar, Minister for Industries and Production Syed Murtaza Mahmud, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, federal secretaries and senior officers attended the meeting.
Petroleum Division tabled a summary on change in take-or-pay commitment in power purchase agreements and gas supply agreements of three RLNG public sector power plants namely Quaid-e-Azam Thermal Power Plant, Balloki Power Plant and Haveli Bahadur Shah Power Plant.
In the wake of prevailing international economic conditions and the unprecedented price hike of RLNG in the international market and to optimize the utilization of RLNG for the continued operations of these power plants, the ECC considered and approved the proposal of the Power Division to fix the minimum take-or-pay commitment at 33% under the PPA and GSA to guard the interests of both buyers and suppliers. Further, the ECC allowed the fixation of GSD under the GSA at Rs 15 billion per power project.
The ECC considered another summary of the Ministry of Industries and Production on the provision of funds to Heavy Electrical Complex (HEC) to release the markup amount to Bank of Khyber (BoK). The ECC, after discussion, approved Technical Supplementary Grant (TSG) amounting to Rs 80.988 million to HEC for payment to Bank of Khyber for markup amount for 2nd, 3rd and 4th quarters of the calendar year 2022. The ECC also gave approval in principle for the provision of funds with the direction that the transaction of HEC must be completed by 15th February 2023.
Ministry of Railways submitted a summary of its business plan to generate a decent source of earnings in order to improve its financial health through the laying of fiber optic cable along its infrastructure. The ECC, after discussion, constituted an inter-ministerial committee comprised of federal secretaries of all relevant divisions, headed by the Federal Minister for Law & Justice to prepare a draft of the Right of Way Policy on the issue.
The ECC also approved a Technical Supplementary Grant of Rs 500 million in favour of the Ministry of Housing and Works for execution of the development scheme for construction/rehabilitation of flood-affected roads, District Muzaffargarh-I.—APP