ISLAMABAD-Apart from allowing 200,000 metric tonnes of sugar export, the Economic Coordination Committee (ECC) of the Cabinet on Wednesday has approved the import of LNG alongwith given framework as proposed by Ministry of Petroleum and Natural Resources.

The ECC, which met under the Chairmanship of Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh, discussed the summary for exporting sugar.

The ECC was informed that country is in a position to export sugar, as there is a surplus commodity in the country and high growth is expected for next crushing season of sugarcane.

After due deliberations, the ECC allowed to export 200,000 mt of sugar against the proposal of 400,000 mt with a quota of 10,000 mt sugar for each sugar mill. The ECC also constituted a Committee comprising PM’s Adviser on Agriculture and Water Resources, Secretaries of Commerce and Industries to work out the reasons for non-utilisation of earlier approved export quota amounting 166,000 mt of sugar.

The ECC also discussed a summary, proposing import of 0.5 million tonnes of urea. After evaluating different aspects, ECC constituted a committee comprising Deputy Prime Minister and Senior Minister for Industries, Minister for Petroleum and Natural Resources, Deputy Chairman Planning Commission and Secretary Industries to work out further on subsidy mechanism, price fixation formula for fertiliser and gas availability to fertiliser plants, after consultation with fertiliser industries. The ECC also approved renewal of Government of Pakistan’s guarantee of Rs 2.0 billion for Pakistan Steel Mills.

The ECC also allowed Shafi Lifestyle Private Limited to release of 989.9 sq meters of Latex Foam worth US $2640 imported from India.

The ECC also allowed changes in required commercial operation date for M/s Davis Energen Private Ltd, as approved by Private Power Infrastructure Board (PPIB) to remove mismatch in the timelines of power purchase agreement (PPA) and gas sales agreement (GSA).

The ECC also approved granting of indemnity for implementation of hydro-power projects in Azad Jammu and Kashmir (AJK) territory to the effect if the AJK Implementation Agreement (AJK IA) or Water Use Agreement (WUA) becomes illegal, void, invalid or unenforceable due to change in laws of AJ&K or Pakistan, the GOP shall indemnify the Project Company or the Lenders for any cost, loss or liability resulting from such illegality, voidness, invalidity or unenforceability.