ISLAMABAD: Economic Coordination Committee (ECC) of Cabinet at Finance Division here approved proposal to exclude new Liquefied Natural Gas (LNG) terminals and associated facilities from application of Third Party Access (TPA) and allowed amendment in article 6.2(a) of LNG policy, 2011.

According to press statement issued by finance ministry, Federal Minister for Finance and Revenue Miftah Ismail presided over ECC meeting. Ministry of Energy (Petroleum Division) had submitted a summary on amendments in LNG policy 2011 for exemption from mandatory TPA to new LNG Terminals. It was argued that gap between gas supply and demand in country was widening resulting in gas load management affecting economic activities. Under circumstances and to diversify LNG import infrastructure, there was a need to support and encourage foreign/private investment in new LNG terminals at their own costs and risks to meet growing demand of RLNG in country.

ECC approved proposal considering objectives of attracting investment in LNG import terminal facilities. ECC also decided that ban on all non-essential and luxury items may be lifted for which Ministry of Commerce had presented a summary before committee. ECC lifted ban owing to serious concerns raised by trading partners on imposition of ban and considering fact that ban has impacted supply chains and domestic retail industry. Further ECC recommended release of those held up consignments arrived after June 30 up to July 31, 2022 with payment of surcharge. On summary by Ministry of National Food Security and Research on allocation of 300,000 MT of wheat for Utility Stores Corporation ECC directed Ministry for resubmission of summary after incorporating complete details of incidental charges and comments of Finance Division.

Published in The Daily National Courier, August, 20 2022

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