Federal Minister for Finance and Revenue, Shaukat Tarin, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division.
ECC granted approval to the proposal of the Ministry of Energy (Petroleum Division) for the re-opening of the Kohat Oil Depot under the Inland Freight Equalization Margin (IFEM) mechanism. The re-opening of the depot will add approximately 2000 kilo liters to the country’s storage capacity.
ECC approved the request of the Ministry of Overseas Pakistanis and Human Resource Development regarding a Federal Government grant for pension support amounting to Rs. 4.52 billion. ECC decided that the expenditure may be met from its own resources as EOBI is a self-financing entity. The Board of trustees of EOBI was also directed to look into other possibilities of meeting the pension liabilities.
ECC also approved the proposal of the Ministry of Maritime Affairs for “Appointment of Foreign Engineering Consultant for planning, preparing, reviewing and Updating of Port Master Plan of Port Qasim Authority, Karachi. The ECC directed that all matters where the Authority is using its own funds, after following the standard procedures, may be decided by the Boards/ Ministries for ensuring efficient progress on important matters.
The ECC approved the summary moved by the Ministry of Energy (Petroleum Division) for the revalidation of the ECC approval for exploration activities in Block-8 Iraq by PPL. The government of Pakistan allowed PPL to undertake the committed exploration activities with a minimum financial obligation of US$100 million (in 2012); out of which US$77.6 million have already have been invested. ECC allowed the revalidation with the direction to the PPL Board to revalidate feasibility of investment.
The following technical supplementary grants were approved by the ECC:
Federal Minister for Economic Affairs Division, Minister for Interior, Minister for Privatization, Minister for Maritime Affairs, Minister for National Food Security and Research, SA PM on Finance and Revenue, Adviser to PM on Commerce, Adviser to PM on Institutional Reforms and Austerity, SA PM on Energy and Governor State Bank of Pakistan attended the meeting.