ECC sets a deadline
ISLAMABAD: The Economic Coordination Committee of the Cabinet today set the deadline to finish the process of the privatization of the Heavy Electrical Complex (HEC) by June 30, 2023.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the ECC on Wednesday.
Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khuram Dastagir Khan, Federal 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.
Meanwhile, the ECC also considered a Summary of the Ministry of Energy (Petroleum Division). It is related to the Framework Agreement between Pakistan LNG Limited (PLL) and the State Oil Company of Azerbaijan Republic (SOCAR).
The committee, after a detailed discussion, allowed PLL to execute the proposed framework agreement with SOCAR Trading. The ECC directed the Ministry of Petroleum to determine our need for LNG at least three months in advance on a rolling basis.
Also, the high level body approved Rs. 404.769 million as TSG in favor of the Cabinet Division for various requirements of 6 Aviation Squadron.
The ECC also discussed and approved Rs. 157.734 million additional funds in favor of the Ministry of Industries and Production for the payment of Employees’ salaries of Heavy Electrical Complex (HEC), a markup to Bank of Khyber, and operating/ running expenses, subject to reconciliation of figures from Finance Division.
