The government on Friday approved Rs. 25 billion as a supplementary grant in favour of the Petroleum Division to address Pakistan State Oil’s (PSO) liquidity constraints for avoiding instant disruption in liquefied natural gas (LNG) and oil supply chain.
The decision was taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet chaired by the Federal Minister for Finance and Revenue Shaukat Tarin.
The supplementary grant was approved keeping in mind the prevailing commodity market price trend as well as the need for import of LNG, diesel and motor spirit from March 2022 to June 2022.
The Petroleum Division had demanded Rs 26.56 billion from the Economic Coordination Committee (ECC) for the supply of gas/RLNG to industrial consumers of five export-oriented sectors.
A summary was forwarded to the ECC for consideration to grant approval of Rs. 9.525 billion as a supplementary grant to clear the outstanding claims for the supply of gas/RLNG to the export sector for the period of November 2021 to February 2022. The ministry had also demanded Rs. 17.043 billion as a supplementary grant to cover the projected subsidy claims for the period of March 2022 to June 2022.
The ECC also approved Rs. 828 million as supplementary grant in favour of the Ministry of Information Technology and Telecommunication for Special Communication Organization.
Adviser to PM on Commerce and Investment Abdul Razak Dawood, federal secretaries, State Bank of Pakistan Governor, and other senior officials attended the meeting.