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ISLAMABAD: Special Investment Facilitation Council (SIFC) is all set to hold a three-day meeting of new Executive Committee (EC) to be presided over by Prime Minister Shehbaz Sharif with heavy agenda related to different ministries aimed at taking previous decisions to a logical conclusion, well informed sources told Business Recorder.

The only member of the apex committee who is not a member of the EC is the Chief of Army Staff.

According to sources, the Executive Committee, in its first day will focus on oil and gas, mining, Ministry of Finance, Federal Board of Revenue, State Bank of Pakistan (SBP), and Ministry of IT and Telecommunication.

SIFC apex body vows to take ‘tough’ decisions

On the second day, the ECC will discuss issues related to Ministry of Science and Technology, Ministry of National Food Security & Research, Ministry of Water Resources, Power Division, Ministry of Communications, and Ministry of Railways, Ministry of Maritime Affairs.

Matters related to Board of Investment (BoI), Privatisation Division, Ministry of Climate Change& Environmental Coordination, Government of Khyber Pakhtunkhwa, Government of Sindh, Government of Balochistan, Ministry of Industries and Production (MoI&P), Ministry of Commerce, Ministry of Federal Education and Professional Training, Ministry of Overseas and Human Resource Development (HRD), Ministry of Planning, Development and Special Initiatives, Cabinet Division, Ministry of Aviation, Ministry of Interior and Ministry of National Health Services, regulations and Coordination will be discussed on the third day.

The sources said, the EC will discuss following issues of oil and gas sector: (i) Greenfield refinery project- update on petrochemical policy framework to capitalise on Aramco’s Crude to Chemical (C2C) interest; (ii) upgradation of brownfield refineries- update on execution of upgradation agreements; (iii) settlement of petroleum levy issue with Cnergyico refinery limited viz upgradation of brownfield refinery; (iv) update on IP gas pipeline project; (v) TAPI gas pipeline project- update on TAPI in FIPPA 2022, GTA, PSR and HGA with fresh timelines; (vi) issue of gas bill limit and tampering of gas meters- update on issues; i.e., Unaccounted for Gas (UfG) viz BHC single bench decision, SHC stay on recent gas price increase; (vii) gas supply strategy and revised merit order; (viii) requirements and future demand of gas projects- update on hiring of consultants; (ix) sustainable coal utilisation policy 2024- update on hiring of consultant; (x) update on LPG Policy; (xi) National Green Hydrogen Production Policy-action plan with timelines; (xii) exploration of cleaner and better LPG import option from Turkmenistan; ( xiii) Jamshoro joint Venture Limited dispute- firmed up amicable way forward with stakeholders’ consensus; (xiv) differential payment for supply of RLNG to two fertilizer plants- update on summary for ECC for recovery through revenue requirement of SNGPL; (xv) policy for LNG supply to new domestic consumers-update including extensive media campaign for alignment of consumers behaviour; (xvi) Exploration and Production (E&P) policy and regulatory intervention-update on implementation; (xvi) options available for 50MMCFD gas supply to NSCL (export based steel manufacturer); (xvii) Energas terminal- Qatar Energy Investment Project- update on modification in gas network code, legality of revoking tax exemption on new LNG terminals without approval of CCI, guidance of Law Division on OGRA’s powers to grant TPA exemption under existing law; (xviii) PAkSTREAM Gas Pipeline- recommendations for development of an integrated energy plan involving storage capacity and other infrastructural requirements; and (xix) installation of three LPG air mix plants at Chitral- recommendations to access GCF for funding of the project and way forward.

Mining Sector:(i) Reko Diq project latest status; i.e., progress on term, PMDC & GPA MoU implementation plan with timelines, progress on hiring/ training of levies force; (ii) update on harmonisation/ regulatory framework of minerals sector as per given timelines, proposal for dedicated Mines and Minerals Division, performance review of Federal and Provincial mineral sector entities as per timeline (June 2024); (iii) performance audit of Geological Survey of Pakistan- update as per given timeline (April 2024); (iv) update on Human Resource Plan- Mineral Sector (Chairman HEC-lead); (v) tangible progress report on MoU with UAE- mining sector cooperation and; (vi) establishment of mining fund- water resources sector.

Ministry of Finance: (i) update on Sovereign Fund; (ii) Etisalat – update on response of letter from PM to UAE and plan of Ministerial Group visit to UAE; (iii) difficulties faced by French Company –SAFRAN will update on remaining claims and resolution of the matter; (iv) pending payments to international entities including DCO- priority list of organisations and plan including proposed sources for release funds; and (v) tangible progress report on MoU with UAE- banking and finance sector cooperation.

Restructuring of FBR digitisation- progress update on the following: (i) tax revenue collection; (ii) Federal Tax Policy Board; (iii) Customs and Inland Revenue Organisations; (iv) separation of policy functions from operation/ tax collection; (v) two oversight boards; (vi) establishment of Tax Policy Office; (vii) implementation committee for amendment in legal and regulatory framework; (viii) FBR digitisation plan; (ix) transformation of PRAL; (x) digitisation of Without Tax; (xi) new and simplified scheme for traders and retailers; and ( xii) update on tax audit urea/ fertiliser companies.

State Bank of Pakistan will share final recommendations on proposed G2G agreement between Pakistan and Saudi Arabia/ UAE for facilitation an upfront consideration of foreign currency against future workers’ remittances.

Power Division: ( i) update on compliance by provinces and federal departments to ensure smooth operations, revised mechanism and re-submission of summary to Cabinet;(ii) implementation on renewable energy projects on G2G basis – update from MoFA and Power Division; (iii) update on private sector participation/ management control of Discos; (iv) update on energy sector circular debt reduction plan; (v) update on tariff rationalisation plan; (v) IGCEP and enhancement of renewable energy – update on progress as per given timelines (April 2024) for submission of IGCEP and TSEP to Nepra and NTDC; (vi) category –III Wind and Solar PV projects- update on competitive bidding of 300MW Cat-III wind projects and Inter-Connection Ready Zones (IRZA) for Cat-III solar project (NTDC); (vii) hydel projects at LoI stage- update on resolution of issues of 47 LoI holders and Asrit Kadam 229MW and Lower Spat Gah 470MW; (viii) Riali HPP (LoS stage)- update on completion of related approvals including summary for CCoE; (ix) 330MW Mine Mouth Thar Coal power plant- update on negotiations with SEL for a mutually favourable way forward; (x) Hawa and Jhimpir wind Ltd (DFC funded project)- update on consultations with project sponsors/ DFC and other foreign financiers for amicable resolution; (xi) update on transmission/ evacuation plans for Dasu and Diamer Bhasha projects; (xii) extension of electricity grid and 11 KVA distribution network to Greater Cholistan for development of corporate farming projects (Chief Secretary Punjab lead); (xiii) tangible progress report on MoU with UAE- renewable energy cooperation; (xiv) update on feasibilities of two transmission line projects; i.e., Ghazi Barotha- Faisalabad and Matiari – Rahim Yar Khan; (xv) update on five reactive power compensation; (xvi) battery storage for frequency regulation- update on feasibilities as per given timelines; (xvii) land acquisition process for solar projects in Kot Addu/ Muzaffargarh, Jhang and Layyah; (xviii) power to JW SEZ by LESCO- plan for provision of power supply to SEZs through PSDP (BoI and Power Division).

Copyright Business Recorder, 2024

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