ISLAMABAD - The Economic Coordination Committee of the Cabinet (ECC) has decided to approve three different projects for the construction of terminals at Port Qasim for receiving, storing and re-gasifying the liquefied natural gas (LNG) as Qatar has agreed to supply 500mcfd LNG to Pakistan.
Finance Minister Ishaq Dar chaired the ECC meeting which approved the projects for the construction of terminals at Port Qasim. The Fast Track Engro Terminal Project is likely to be completed between 6 to 8 months with an estimated cost of $30-40m and having a capacity of accommodating 200 mmcfd. Modalities will be finalised between the finance and petroleum secretaries. The SSGC LPG Retrofit Project is estimated to cost $175-200m, having capacity of 500 mmcfd. New LNG Terminal Project is estimated to cost $200-250m, having a capacity of up to 1000 mmcfd. The projects would be completed in 22-30 months respectively.
The ECC decided to constitute a committee under the chairmanship of Federal Minister for Science and Technology Zahid Hamid to streamline registration and regulation of non-governmental organisations/international non-governmental organisations and put up a comprehensive report for the consideration of the ECC within two months. The chairman of the committee was also authorised to co-opt any person that he may deem necessary for the purpose.
The meeting noted that the Ministry for Industries has floated two international tenders for importing 100,000 tons urea on emergency basis and one of the tenders will be opened on Monday.
The ECC decided not to extend the expiry period for quotas of those parties who were unable to export sugar within the stipulated period. These quotas would now be awarded on first come first basis to applicants who would establish irrevocable letter of credit with a shipment date within 60 days.
Reviewing the report on implementation of the decisions taken by the ECC, the committee members expressed satisfaction over the pace of implementation of its decisions.
The ECC was informed that the surge in the items included in the sensitive price index had been contained.
The meeting expressed satisfaction over the present stock of sugar and was told that 100,000 tons were released for the month of July.
As for the fuel stock, there is a stock for 21 days as compared to 12 days in the corresponding period last year (2011-12).
The meeting was informed that a healthy growth of 4.2% was recorded in large scale manufacturing sector as compared to 1.3% during the corresponding period last year. Exports of $24.52 billion were made in 2012-13, showing an increase of 3.78% while the imports hovered around $44.95 billion. The remittances recorded a growth of 5.6% reaching a record $13.920 billion in 2012-13. However, the revenue collection was only Rs.1,882.7 billion showing a growth of only 3.1%.
The meeting was informed that the stock exchange index has reached a record 23,160 points and market capitalisation was nearly doubled.
State Minister for IT Anusha Rehman proposed that performance charts should also include a column showing targets to give a realistic analysis of the performance. The proposal was approved.
FBR Chairman Tariq Bajwa informed the meeting that SRO for zero rating GST on dairy, bicycle and stationery was issued.