ISLAMABAD       -            The Cabinet Committee on Energy (CCOE) Monday directed the Petroleum Division to examine the financial feasibility of the proposals submitted by Ministry of Maritime Affairs regarding the enhancement of off-shore storage capacity of imported petroleum products. The Cabinet Committee on Energy (CCOE) that met with Federal Minister for Planning, Development and Special Initiatives Asad Umar in the chair discussed matters related to oil storage, renewable energy, competitive bidding etc.

Ministry of Maritime Affairs submitted its report regarding the enhancement of off-shore storage capacity of imported petroleum products. The CCOE directed the Petroleum Division to examine the financial feasibility of the proposals. To increase the oil storage capacity and take maximum benefit from lowering crude oil prices in its previous meeting the CCOE had directed the Ministry of Maritime Affairs  to submit a detailed report regarding the off shore oil storage. Petroleum Division will examine the financial feasibility of the proposals and will submit its recommendations  to CCOE.

The CCOE was apprised about the progress on the formulation and approval of the Renewable Energy (RE) Policy and the introduction of competitive bidding process for the entry of new producers in the renewable energy sector of Pakistan. The CCOE directed the Power Division to expedite the process and report back to the CCOE. The CCOE also approved the proposals of the Ministry of Power regarding the placement of various project companies in their respective categories on the basis of already specified criteria.

The CCOE was apprised about the future trajectory of demand of energy in the country and the steps being taken to ensure the availability of power to various sectors and the progress being made on rationalizing the energy prices in the country. NEPRA apprised the meeting on the progress made on the introduction of the advance design of the Competitive Trading Bilateral Market in Pakistan.

The CCOE was briefed about steps being taken regarding the governance improvement of the power sector. It was informed that CEOs of AEDB, PPIB, and GENCOs have been appointed following a competitive process, and progress is being made regarding the establishment of a Technical Directorate at the Ministry of Energy.

Members of the CCOE including Ministers for Railways Sheikh Rasheed, Minister for Energy Omar Ayub, Minister for Maritime Affairs Ali Zaidi, Advisor on Finance Hafeez Sheikh, SAPM on Petroleum Nadeem Babar, and officials from the Power, Petroleum, Finance, Maritime Division and NEPRA were also present.