ECC allows PLL to execute framework agreement with SOCAR

ISLAMABAD (92 News) - Federal Minister for Finance and Revenue Muhammad Ishaq Dar chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet on Wednesday.

The ECC considered a summary of Ministry of Energy (Petroleum Division) regarding the framework agreement between Pakistan LNG Limited (PLL) and State Oil Company of Azerbaijan Republic (SOCAR).

In this regard, the ECC after detailed discussion allowed PLL to execute the proposed framework agreement with SOCAR Trading. The ECC directed Ministry of Petroleum to determine our need of LNG at least three months in advance on a rolling basis.

The ECC approved Rs404.769 million as TSG in favor of Cabinet Division for various requirements of 6 Aviation Squadron. It also discussed and approved Rs 157.734 million additional funds in favor of Ministry of Industries and Production for the payment of Employees’ salaries of Heavy Electrical Complex (HEC), markup to Bank of Khyber, and operating/ running expenses, subject to reconciliation of figures from Finance Division.

It further directed the Privatization Commission to complete the privatisation process of HEC by June 30, 2023.