Thursday, October 22, 2020

ECC waives Rs 700 million penalty against overstayed consignments at ports

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Finance Minister Asad Umar chaired meeting of the Economic Coordination Committee of the Cabinet (ECC) on Wednesday. On a summary of the Petroleum Division, the ECC approved gas supply to Tall and adjacent areas of district Hangu, Khyber Pakhtunkhwa. The ECC approved a proposal of Federal Board of Revenue to waive the accumulated penal surcharges of Rs.700 million off against overstayed consignments at ports.

ECC approved gas supply to Tall and adjacent areas of district Hangu, Khyber Pakhtunkhwa

The decision will enable importers to clear their overstayed cargoes and would also help reducing congestion at ports and bonded warehouses. The Commerce Division gave a presentation about the significance of establishment of an Independent Insurance Regulator. The ECC directed the Commerce Division to expedite the findings of the Commission, already formed on the subject, for making informed decision. On a proposal of Petroleum Division regarding arrangements of additional 200 MMCFD of LNG from Qatar, the Committee directed Petroleum Division to carry out a comprehensive demand/supply analysis of LNG in the country, in consultation with stakeholders, including Law and Justice Division, and submit a summary to the Cabinet in this regard.

Maritime Affairs Division briefed ECC about the progress on new LNG Terminal. The Finance Minister directed Maritime Division to expedite the process for establishment of new LNG terminal in view of the increasing demand for gas in the country. On the issue of the submission of Pakistan Steels’ revival business plan, ECC directed the Ministry of Industries to submit its proposals within the next fortnight. The Committee also accorded approval to the proposal of National Counter Terrorism Authority by granting it Technical Supplementary Grant of Rs.133.156 million.

ECC directed Ministry of Industries to submit Pakistan Steels’ revival business plan proposals within the next fortnight

Later, the Finance Minister also presided over a meeting of the Cabinet Committee on Energy (CCoE) and reviewed various proposals about gas losses and power recovery plan presented by Petroleum and Power Divisions separately. The Committee directed the Petroleum Division to take corrective measures to reduce gas losses. It asked the Division to submit monthly report on Unaccounted for Gas (UfG) on the pattern of the report on electricity losses presented by the Power Division. The Committee also directed both gas supply companies (SNGPL & SSGPL) to prepare a joint presentation, and present the same to Task Force on Energy before submission to CCoE in its next meeting. In order to make recovery from the defaulters, CCoE directed Power Division to implement the Electricity Act in letter and spirit by disconnecting the connections of defaulters.

CCoE directed Power Division to implement Electricity Act in letter and spirit by disconnecting the connections of defaulters

The Committee was briefed by the Power Division about the status on Efficiency Tests Report for Independent Power Producers (IPPs). It was informed that the mandatory test had been carried out for all the seven units. The data analysis had been completed for five units while the same with regard to the remaining two units was presently underway.

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

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