ISLAMABAD
\nThe Economic Coordination Committee (ECC) on Thursday considered and approved a summary of Ministry of Industries & Production (MoIP) and allowed the payment of projected net salary of Rs. 1,378 million for the Financial Year 2022-23 to be disbursed every month to Pakistan Steel Mills (PSM) employees through a technical supplementary grant.
\nThis decision will ensure the disbursement of monthly salaries to the employees.
\nThis was approved in ECC of Cabinet meeting Chaired by Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, said a press release issued here.
\nFederal Minister for National Food Security and Research Chaudhary Tariq Bashir Cheema, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Shahid Khaqan Abbasi MNA\/ex-PM, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, Coordinator to PM on Commerce and Industry Rana Ihsan Afzal, Federal Secretaries and senior officers attended the meeting.
\nMinistry of Commerce presented a summary on amendment in Import Policy Order 2022 to allow import of the Holy Quran subject to NOC from the relevant Federal or the Provincial Authority.
\nThe summary was presented in the light of the directions of the honourable Lahore High court and Baluchistan High court directing the Federal and Provincial authorities to ensure only error-free printing, publishing, recording and import of copies of the Holy Quran. The proposed amendment of import of the Holy Quean was subject to NOC. The ECC after discussion approved the proposal.
\nThe ECC also approved another summary of Ministry of Commerce seeking amendment in the earlier decision of the ECC dated 25-07-2022 on Regionally Competitive Energy Rates for Export Oriented Sectors during FY 2022-23 and allowed amendment that \u201cthe electricity tariff will be effective from 1st August, 2022, whereas RLNG tariff will be effective from 1st July, 2022.\u201d
\nThe ECC considered a summary of Petroleum Division and allowed to grant a Development and Production Lease (D&PL) for (15) fifteen years w.e.f 15-01-2022 over Kandhkot Mining Lease area on existing Gas Price and subject to the condition that M\/s PPL will pay all the financial obligations in accordance with Petroleum Policy 2012.
\nKandhkot discovery was made by PPL in 1959. The Government granted the mining lease over Kandhkot Gas field for a period of 30 years in 1962 which was renewed for further thirty years in 1992.
\nPetroleum Division submitted another summary on revival of revoked petroleum exploration licenses. It was informed that (11) eleven exploration licenses were revoked due to non performance of work commitment and non-payment of financial obligations by various exploration & production companies.
\nIn all the eleven blocks, status quo order was passed by the respective Civil Courts, Islamabad and Sindh High Courts. It is pertinent to mention that the litigant companies have approached the government and shown keen interest in exploration of the blocks awarded. In order to resolve this longstanding issue of litigation, which has resulted in halting of exploration and production activities in some of the respective blocks of the country, Petroleum Division has developed a framework for revival of revoked licenses through out of court settlement.
\nThe ECC after detail discussion approved the proposed framework.
\nThe ECC approved another summary of Petroleum Division for change of effective control from M\/s Eni ULX Limited, M\/s Eni UK Limited and M\/s Eni Oil Holdings B.V, in respect of its subsidiary companies i-e M\/s ENI Pakistan Limited , ENI
\nPakistan (AEP) Limited and ENI Pakistan (M) Limited , respectively to M\/s Prime International Oil & Gas Company Limited (PIOGCL) subject to condition that PIOGCL shall be liable to the Government for all the minimum work commitments and financial obligations and Government\u2019s revenue s will not be adversely affected after this change of effective control.
\nMinistry of National Health Services, Regulations and Coordination presented a summary on proposal for increase in Maximum Retail Price (MRPs) of Paracetamol products. The ECC approved following agreed price of Paracetamol products.
\nProduct Current Price (Rs.) Demanded Price (Rs) Agreed Price (Rs) Plain 500 mg 1.87 2.67 2.35 Extra 500 mg 2.19 3.32 2.75 Liquid 104.8 117.6 117.6
\nThe ECC also approved Technical Supplementary Grants of Rs. 30,888.5 million in favour of Defence Division and Rs. 1000 Million for Ministry of Housing and Works.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The Economic Coordination Committee (ECC) on Thursday considered and approved a summary of Ministry of Industries & Production (MoIP) and allowed the payment of projected net salary of Rs. 1,378 million for the Financial Year 2022-23 to be disbursed every month to Pakistan Steel Mills (PSM) employees through a technical supplementary grant. This decision […]<\/p>\n","protected":false},"author":2,"featured_media":292054,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-292039","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n