The ECC of the Cabinet in its meeting chaired by Finance Minister, Senator Mohammad Ishaq Dar here on Monday considered and approved five different proposals relating to the energy sector.
The ECC considered the proposal for Implementation of North South Gas Pipeline Project under Government to Government Agreement with Russia and approved it. ECC also constituted a price negotiation committee consisting of Secretary P&NR, Secretary Law, Secretary BoI, Representative of Finance Division, MD SNGPL and MD ISGS to negotiate the project details and pricing with the Russian side.
The ECC also considered the proposal on Re-structuring of Gwadar-Nawabshah LNG Terminal and Pipeline Project and approved implementation of the project on BOOT basis. The ECC also directed the Ministry of P&NR to complete all codal formalities and directed that it must be ensured that the revised strategy does not result in any cost escalation. It was further decided that Secretary P&NR will chair the Price Negotiation Committee, while Secretary Law, Secretary BoI, representative of Finance Division, MD SNGPL and MD ISGS shall be members of the Committee.
The ECC had detailed discussion on proposal submitted by the Ministry of Water & Power and accorded approval of issuance of Sovereign guarantee by Ministry of Finance in respect of syndicated term finance facility amounting to Rs. 25.00 billion for the power sector.
The ECC considered the proposal of Ministry of Petroleum and Natural Resources on LPG Air Mixture Projects and decided that in view of CCI approval accorded on 29th February regarding LPG Policy 2016, any further approval from ECC was not required in the matter. Now it was up to OGRA to implement the approved Policy in letter and spirit.
On another proposal submitted by the Ministry of Water & Power ECC accorded approval for non-cash settlement of Rs. 70.167 billion in respect of power sector payables/receivables among various government entities.