Prime Minister Abbasi chairs ECC meeting

PM-Abbasi.jpg

—File photo


ISLAMABAD: Prime Minister Shahid Khaqan Abbasi Tuesday chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Prime Minister’s Office.

During the meeting, Pakistan State Oil (PSO) was allowed to import furnace oil to be used by the power sector. The decision was made to cater for maintaining adequate fuel stock in the coming months.

Transportation tariff for Machike – Taru Jabba Oil Pipeline (427 Km) project was also approved by the ECC. The tariff will be ratified by the OGRA after due process.

The project will be completed in three sections and envisages environment friendly and safe movement of fuel.

The project will also provide for additional storage of fuel and enable supply to major distribution centers in central and northern Punjab and Khyber Pakhtunkhwa.

The ECC further directed that all future pipeline projects will require approval of the Cabinet.

Similarly, in order to ensure stable and reliable power supply through National Grid System and to enhance NTDC system capacity, the ECC accorded approval for issuance of Government of Pakistan Sovereign Guarantee against financing facility of PKR 9,846 million from local banks for NTDC projects.—NNI