ECC approves Rs17 billion support package for PIA
ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet approved the proposal of the Ministry of Energy (Power Division), for raising fresh financing of Rs. 35.806 billion through a syndicate of banks for Power Holding Private Limited (PHPL).
The meeting of ECC was held here on Monday , with Finance Minister Asad Umer in the chair.
The Secretary Petroleum Division briefed the ECC about the gas supply situation on SSGCL network. The ECC was informed that the supply of gas to zero rated industry (process + captive)under SSGCL system, covering Sindh and Baluchistan provinces would continue during the winter season, in accordance with recently approved gas supply priority for this sector.
The ECC directed the SSGCL management to withdraw the gas load management notices issued to these industries. Likewise there would be no gas load management for domestic consumers. On another proposal of the Ministry of Energy (Petroleum Division), the ECC approved provision of 12 MMCFD gas to SNGPL from Dhok Hussain gas field and also accorded approval for provision of 10 MMCFD gas to SSGCL from Bitrism gas field.
Chairman PIAC briefed the meeting about current operational and financial position of the organisation.
The ECC directed the management to improve the business model of the company and to devise a strategic plan for solution to its financial and administrative problems on long term basis.
The Committee approved the proposal for issuance of government guarantees of raising Rs. 17.022 billion for the immediate requirements of PIAC.
Secretary Ministry of Maritime Affairs briefed the meeting regarding the working of the LNG terminals at Port Qasim and the associated administrative and financial issues. The ECC directed that the Ministries of Maritime Affairs and Petroleum should work closely to assess the requirements for setting up of new gas terminals and other necessary details in this regard.