Islamabad February 9 2022: Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over Economic Coordination Committee (ECC) of the Cabinet, today.
Ministry of Energy, Petroleum Division submitted a summary on 15 years’ extension of lease contract between Saindak Metals Limited and MCC China for Saindak Copper Gold Project. ECC after detailed discussion allowed the extension of lease contract and recommended to review financial aspect of the project annually by the professional expertises.
A L S O || R E A D
ECC approved Textile and Apparel Policy 2020-25
Metallurgical Corporation of China (MCC) and state-owned Saindak Metals Ltd (SML) signed an agreement in 2017 under which the Chinese firm kept on operating the Saindak copper-gold project for five years. The lease is set to expire on Oct 30. The two companies had originally signed in 2002 a 10-year contract, which was extended for five years in 2012. The terms of contract have been kept confidential all along.
MCC is now interested in bidding for Pakistan Steel Mills and is looking for fresh investments in special economic zones (SEZs) that are being set up under CPEC.
The ECC also approved Ministry of Energy, Petroleum Division’s summary on determination of RLNG sale price for PLL’s supply to K-Electric (KE).
On another summary of Ministry of Energy, Petroleum Division, for revision of gas price of Mazarani Gas field held by M/s PPL and GHPL, the ECC approved the proposal of revision of gas price applicable to Mazarani Gas Field from US$ 1.75/MMBTU to US$ 3.75MMBTU from 1st September 2021.
The ECC also considered and approved Technical Supplementary Grants submitted by different Ministries/Divisions.
Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Energy Mr. Hammad Azhar, Federal Minister for Privatization Muhammedmian Soomro, Adviser to the PM on Commerce and Investment Abdul Razak Dawood, Federal Secretaries and senior officers attended the meeting.
