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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has allowed removal of dividend distribution cap on Mari Petroleum Company Limited (MPCL) to ensure that the divestment transaction generates optimum sale proceeds for the government.

The meeting presided over by Minister for Finance and Revenue Dr Abdul Hafeez Shaikh on Wednesday received a summary from the Petroleum Division for removal of dividend distribution cap on Mari Gas Company Limited (MPCL) under Gas Pricing Agreement as the company is being considered for privatisation.

After due deliberations, the ECC allowed that the dividend distribution cap may be removed to ensure that the divestment transaction generates optimum sale proceeds for the government.

The ECC meeting further decided that the MPCL would ensure dividend distribution in accordance with the Provisions of Companies Act, 2017 and the Companies (Distribution of Dividends) Regulations, 2017.

The ECC on the recommendation of the Ministry of Housing and Works allowed the ministry to utilise its own funds equal to Rs377.21 million for renewal of lease of Garden West (Pakistan Quarters), Karachi.

The Petroleum Division also moved another summary before the ECC regarding renewal of Gas supply Agreement (GAS) between the Sui Southern Gas Company Limited and Fauji Fertilizer Bin Qasim Limited.

After a detailed discussion, the ECC approved with a condition that renewal would be allowed on “as and when available basis” for a period of five years.

The SSGCL may restore the gas supplies to Fauji Fertilizer till December, 2021 or until a uniform rate for the whole fertiliser sector is formulated after rationalisation of tariffs (whichever is earlier).

The ECC considered and approved summary by the Petroleum Division for re-allocation of gas from Saqib-1A well located in District Ghotki, Sindh Province to the Sui Southern Gas Company Limited from its previous allocation to the SNGPL (as approved earlier by the ECC dated 06-10-2009).

The price of gas will be as per the applicable petroleum policy.

The following Technical Supplementary Grants (TSGs) were approved by the ECC; (a) Rs141.308 million to the Ministry of Information and Broadcasting for an expenditure incurred on media campaigns to create awareness among public during the Covid-19 pandemic; (b) Rs9.025 million to the Ministry of Information and Broadcasting for a media campaign on the occasion of the Kashmir Solidarity Day – 05 February 2021; (c) Rs5 million for purchase of spare-parts for helicopter maintenance by HQs Pakistan Rangers (Punjab); (d) Rs25 million for purchase of spare parts for helicopter maintenance by HQs Frontier Corps Balochistan (South); (e) Rs10 million for repair and maintenance of helicopter by HQs Frontier Corps KP (South), DI Khan.

The meeting was attended by the Minister for Planning, Development and Special Initiatives Asad Umar, Minister for Interior Sheikh Rasheed Ahmad, Minister for Privatisation Muhammad Mian Soomro, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Hussain, SAPM on Revenue Dr Waqar Masood, SAPM on Power Tabish Gauhar, SAPM on Petroleum Nadeem Babar, and Federal Minister for Energy Omar Ayub Khan participated in the meeting.

Copyright Business Recorder, 2021

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