ISLAMABAD, Jan 19 (APP):Special Assistant to Prime Minister and Federal Minister on Revenue, Haroon Akhtar Friday said that the government was committed to supporting early and sustainable investments in the LNG sector to meet the existing demands and growing energy requirements. The Minister was talking to a delegation from various oil and gas national and multinational companies, which met him at FBR House here to apprise him of the issues …
Haroon-LNG Govt to fully support sustainable LNG investments: Haroon
ISLAMABAD, Jan 19 (APP):Special Assistant to Prime Minister and Federal Minister on Revenue, Haroon Akhtar Friday said that the government was committed to supporting early and sustainable investments in the LNG sector to meet the existing demands and growing energy requirements.
The Minister was talking to a delegation from various oil and gas national and multinational companies, which met him at FBR House here to apprise him of the issues and concerns of the industry regarding the growth of LNG sector in the country.
Haroon Akhtar Khan told the delegation the government was keen to further strengthen the LNG sector, a press release issued by the Federal Board of Revenue (FBR) here said.
“All genuine and realistic proposals and recommendations for further boosting this sector would be welcomed and given due consideration while formulating proposals for the upcoming budget,” he told the delegation members.
Senior officials of the FBR, Chief Executive Engro Elengy Terminal Limited, Jahngir Piracha and Christopher Mansfield from Shell UK Limited were also present.
The delegation invited the Minister’s attention to the application of various taxes to the LNG sector and requested for levy of same taxation for the public as well as private LNG importers to remove cash flow strain on private supply chain.
They were of the view that increasing operational capital requirements ultimately leads to increased cost of fuel supply to consumers. The delegation also requested that Floating Storage Regasification Unit (FSRU) deployment to be exempted from any duty or taxes and for necessary previsions to be made in the applicable regulations.
The delegation members also asked for levy of customs duty on the FSRU that was subsequently imported for long-term deployment and called for adjustment of any duty charge on the initial vessel.
They also called for amending the applicable regulations to allow such an allowance to facilitate project development and early gas availability.
