ECC Approves Amended LNG Policy and Lifting of Ban on Imports

The Economic Coordination Committee (ECC) has approved the proposal to exclude new liquified natural gas (LNG) terminals and associated facilities from the mandatory application of Third-Party-Access (TPA) and allowed amendment in article 6.2(a) of the LNG policy 2011.

The Federal Minister for Finance and Revenue, Miftah Ismail, presided over the meeting of the ECC at the Finance Division on Friday.

The Ministry of Energy (Petroleum Division) submitted a summary of amendments to LNG Policy 2011 for exemption from mandatory TPA for new LNG terminals. It was discussed that the gap between gas supply and demand in the country is widening, resulting in gas load management affecting economic activities.

Given the circumstances, and to diversify the LNG import infrastructure, there is a need to support and encourage foreign/private investment in new LNG terminals at their own costs and risks to meet the growing demand for re-gasified liquefied natural gas (RLNG) in the country.

Subsequently, considering the objectives of attracting investment in LNG import terminal facilities, the ECC approved the proposal to exempt new LNG terminals and associated facilities from the mandatory TPA and allowed amendment in article 6.2(a) of LNG policy, 2011.

Moreover, on a summary submitted by the Ministry of National Food Security & Research (NFSR) on the allocation of 300,000 MT of wheat to Utility Stores Corporation (USC), the ECC directed the NFSR to resubmit the summary after incorporating complete details of incidental charges and comments from the Finance Division.

The ECC also approved the lifting of the import ban on all classes of goods and tariff lines with the recommendation to release the held-up consignments that arrived after June 30 and up to July 31, 2022, with payment of the surcharge.

The meeting was attended by Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Industries & Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Coordinator to the Prime Minister (PM) on the Economy Mr. Bilal Azhar Kayani, Coordinator to the PM on Commerce & Industry Rana Ihsan Afzal, Chairman of the Federal Board of Revenue (FBR), Chairman Oil & Gas Regulatory Authority (OGRA), and others.

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