ISLAMABAD, Nov 18 (APP): The Economic Coordination Committee (ECC) on Friday allowed TCP to proceed ahead with import of 125,000 MT on G2G basis from China for meeting the demand of Urea fertilizer and the import of 35000 MT on G2G basis through M/s Socar from Azerbijan.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the ECC, said a press release issued here.
Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Chairman SECP, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.
Ministry of Industries and Production submitted a summary on procurement of 200KMT Urea and shared that the Ministry has negotiated on various options including import from Chinese firms who have committed to supply the negotiated quantity of Urea fertilizer on the lowest rate.
The ECC further directed TCP to explore feasible options for the import of the remaining quantity of Urea fertilizer to meet the strategic reserves of 200,000 MT.
The ECC considered a summary submitted by Ministry of Energy, Petroleum Division on High Speed Diesel (HSD)/Gas Oil premium. Considering the increasing demand for HSD in the country, the ECC recommended that PSO’s 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.
The ECC also approved the technical supplementary grant of Rs. 115 million in favour of Ministry of Housing and Works.