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Business & Finance

ECC approves extension of power purchase agreement with Iran

  • The ECC granted approval for the renewal of the contract with Tavanir Iran for the purchase of 104MW of electricity subject to vetting by the Ministry of Law and Justice.
28 Oct 2020

The Economic Coordination Committee (ECC) has approved the extension of power purchase agreement with Iran.

A meeting of the ECC was held under the chairmanship of Finance Advisor Hafeez Sheikh in which it was approved to supply additional gas from Rehman Gas Field to Sui Southern Gas Company which would provide additional 38 cubic million cubic feet of gas to SSGCL. The price of gas will be as per the applicable petroleum policy.

The ECC granted approval for the renewal of the contract with Tavanir Iran for the purchase of 104MW of electricity subject to vetting by the Ministry of Law and Justice. The contract, if approved by the Ministry of Law and Justice will be valid till 31st December 2021.

Furthermore, the ECC has approved the Technical Supplementary Grant of Rs 109.47 million to the Ministry of Defence for the survey of the coastal areas. The amount was surrendered by the Ministry of Maritime Affairs as the Pakistan Army has offered to assist in the survey.

In order to facilitate the telecom sector by the waiver of certain taxes, the ECC decided that the proposal may be granted approval in principle.