ISLAMABAD: The Economic Coordination Committee (ECC) on Thursday considered and approved a summary of Ministry of Industries & Production (MoIP), allowing the payment of projected net salary of Rs1,378 million for Financial Year 2022-23 to be disbursed every month to Pakistan Steel Mills (PSM) employees through a technical supplementary grant.
This decision will ensure the disbursement of monthly salaries to the employees.
The ECC meeting was held with Federal Minister for Finance and Revenue Senator Ishaq Dar in the chiar and was attended by Federal Minister for National Food Security and Research Tariq Bashir Cheema, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Shahid Khaqan Abbasi, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, Coordinator to PM on Commerce and Industry Rana Ihsan Afzal, Federal Secretaries and senior officers.
On the occasion, the Ministry of Commerce tabled a summary on amendment in Import Policy Order 2022 to allow import of Holy Quran subject to NOC from the relevant Federal and Provincial Authority.
The summary was presented in the light of the directives of the honourable Lahore and Balochistan high courts, asking the Federal and Provincial authorities to ensure only error-free printing, publishing, recording and import of copies of the Holy Quran. The proposed amendment to import policy on Holy Quean was subject to NOC. The ECC after discussion approved the proposal.
The ECC also approved another summary of Ministry of Commerce, seeking amendment to the earlier decision of the ECC dated 25-07-2022 on Regionally Competitive Energy Rates for Export Oriented Sectors during FY 2022-23 and allowed amendment that “the electricity tariff will be effective from 1st August, 2022, whereas RLNG tariff will be effective from 1st July, 2022.”
The ECC considered a summary of Petroleum Division and allowed to grant a Development and Production Lease (D&PL) for 15 years w.e.f 15-01-2022 over Kandhkot Mining Lease area on existing Gas Price and subject to the condition that M/s PPL will pay all the financial obligations in accordance with Petroleum Policy 2012.
Kandhkot discovery was made by PPL in 1959. The government granted mining lease of Kandhkot Gas field for a period of 30 years in 1962, which was renewed for further 30 years in 1992.
Petroleum Division submitted another summary on revival of revoked petroleum exploration licenses. It was informed that (11) eleven exploration licenses were revoked due to non performance of work commitment and non-payment of financial obligations by various exploration & production companies.
In all the eleven blocks, status quo order was passed by the respective Civil Courts, Islamabad and Sindh High Courts. It is pertinent to mention that the litigant companies have approached the government and shown keen interest in exploration of the blocks awarded. In order to resolve this longstanding issue of litigation, which has resulted in halting of exploration and production activities in some of the respective blocks of the country, Petroleum Division has developed a framework for revival of revoked licenses through out of court settlement.
The ECC after detail discussion approved the proposed framework.
The ECC approved another summary of Petroleum Division for change of effective control from M/s Eni ULX Limited, M/s Eni UK Limited and M/s Eni Oil Holdings B.V, in respect of its subsidiary companies i-e M/s ENI Pakistan Limited , ENI
Pakistan (AEP) Limited and ENI Pakistan (M) Limited , respectively to M/s Prime International Oil & Gas Company Limited (PIOGCL) subject to condition that PIOGCL shall be liable to the Government for all the minimum work commitments and financial obligations and Government’s revenue s will not be adversely affected after this change of effective control.
Ministry of National Health Services, Regulations and Coordination presented a summary on proposal for increase in Maximum Retail Price (MRPs) of Paracetamol products. The ECC approved following agreed price of Paracetamol products.
Product Current Price (Rs.) Demanded Price (Rs) Agreed Price (Rs)
Plain 500 mg 1.87 2.67 2.35
Extra 500 mg 2.19 3.32 2.75
Liquid 104.8 117.6 117.6
The ECC also approved Technical Supplementary Grants of Rs. 30,888.5 million in favour of Defence Division and Rs1,000 Million for Ministry of Housing and Works.
