ECC allows PPL to execute framework agreement with SOCAR

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday after a detailed discussion allowed Pakistan LNG Limited (PLL) to execute the proposed framework agreement with the State Oil Company of Azerbaijan Republic (SOCAR) Trading.

The ECC, which met here with Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar in chair, considered a summary of the Ministry of Energy (Petroleum Division) regarding the framework agreement between Pakistan LNG Limited (PLL) and State Oil Company of Azerbaijan Republic (SOCAR), said a press release.

The committee directed the Ministry of Petroleum to determine the country’s need for LNG at least three months in advance on a rolling basis. It approved Rs. 404.769 million as a technical supplementary grant in favor of the Cabinet Division for various requirements of the 6 Aviation Squadron.

The ECC 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 privatization process of HEC by June 30, 2023.

Minister for Commerce Syed Naveed Qamar, Minister for Power Khuram Dastagir Khan, Minister for Industries and Production Syed Murtaza Mahmud, Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, federal secretaries and other senior officers attended the meeting.