CPPA authorised to sign interim agreement for four IPPs on RLNG production

ISLAMABAD: The Economic Coordination Committee (ECC) Friday authorised the Central Power Purchasing Agency (CPPA) to sign an interim agreement on revised payment terms for generation of Regasified Liquefied Natural Gas (RLNG) by four Independent Power Producers (IPPs).

The ECC meeting chaired by Prime Minister Shahid Khaqan Abbasi here at the PM Office gave the approval of agreement to four IPPs include M/s Saif Power Ltd., M/s Orient Power Ltd., M/s Saphhire Electric Company Ltd. and M/s Halmore Power Generation Company Ltd.

These IPPs have dual fuel plants, which can be operated on natural gas as primary fuel and High Speed Diesel (HSD) as secondary/alternative fuel. The operations of these IPPs on RLNG would result in significant cost saving each month.

The ECC approved a proposal of allowing United Towel Exporters Limited to remit 8.425 million Euros from its special foreign currency account to acquire 70 percent shares of Vespo Group B V Netherlands.

The ECC permitted extension in the deadline of export of 41,000 MT surplus urea till February 28, 2018. An additional quantity of 35,000 MT urea to be exported to Sri Lanka was also approved.

The ECC also approved a proposal for extension in the date for applicability of reduced withholding tax rate at the rate of 0.4 percent for non-filers till June 30, 2018 under section 236P of the Income Tax Ordinance, 2001.