ECC mulls gas, petroleum solutions | Pakistan Today

ECC mulls gas, petroleum solutions

The Economic Coordination Committee (ECC) of the Cabinet in its meeting held here on Tuesday considered the certain summaries of the Ministry of Petroleum & Natural Resources and decided to allocate Gas at wellhead from OGDCL’s dormant fields. It approved in principle subject to consent of the Government of Sindh in whose favour ECC had approved the earlier proposal in Jan-2011 to allocate gas. Proposal to refund on General Sales Tax on Gas Infrastructure Development Cess was not approved as the applicable law does not permit the same. Fortnightly Price Adjustment of Petroleum Products proposal has been approved. The meeting approved the Enhancement of exploration expenditures limit of US$ 20 Million to US$ 40 Million for Mari Gas Company Limited subject to appropriate amendment in Gas Price Agreement of Mari Gas Company Ltd. Approval for Acquisition of MND Exploration & Production Limited Assets in Pakistan and Yemen through Purchase of Shares was given. ECC approved, with the direction to PPL to evaluate the assets and consider bidding on purely commercial considerations to the benefit of the company. The meeting approved the revised proposal on overall Financial Limit to Pursue International Exploration Opportunities. It approved to allow PPL to bid for Exploration and Production Blocks in Iraq up to $ 100 million. Regarding Import of Liquefied Natural Gas (LNG) the ECC agreed in principle to allow import of LNG. A committee has been formed to workout the modalities in this connection.

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