ECC allows SNGPL to recover Rs 69 billion

ISLAMABAD (92 News) – Adviser on Finance and Revenue Dr Abdul Hafeez Shaikh presided over a meeting of the Economic Coordination Committee (ECC) on Wednesday.

According to a declaration, the forum allowed Sui Northern Gas Pipelines Limited (SNGPL) to recover Rs 69 billion. The recovery permission has been granted under the head of an increase in the prices of Re-gasified Liquefied Natural Gas (RLNG).

The ECC also allowed allocation of 8 MMCFD gas from Mangrio discovery and 4 MMCFD of gas from Mithri gas discovery for Sui Southern Gas Company Limited.

It allowed the Oil and Gas Regulatory Authority (OGRA) to issue new CNG licenses to RLNG-based CNG stations with the provision that the licensee would neither receive indigenous gas or can claim for its conversion to indigenous gas. The ban on the issuance of new licenses was imposed in 2008.

The ECC constituted a three-member committee to negotiate the price of wheat with the Russian government for the further procurement of wheat.

Besides 330,000 metric tons of wheat when imported by Trading Corporation of Pakistan (TCP) shall be distributed equally among three recipient agencies, including PASSCO, Punjab and Khyber Pakhtunkhwa.