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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has allowed the SNGPL-based fertiliser plants to operate beyond 31 March 2024 – 30th September at Rs1,597/ MMBTU for urea requirement of Kharif season and decided that any differential of gas price with RLNG for such supply to be treated as RLNG diversion to domestic sector.

Sources said that the Ministry of Industries and Production has proposed a summary to the ECC meeting presided over by Finance Minister Muhammad Aurangzeb on Monday.

The ministry requested to the ECC that the SNGPL-based plants –Fatima Fert Sheikhupura and Agritech- may be allowed to operate beyond 31 March 2024 for six months till 30th September 2024 at the OGRA-notified price Rs1,597/MMBTU (feed and fuel) and any differential of gas price with RLNG for such supply to be treated as RLNG diversion to domestic sector for recovery through the SNGPL’s revenue requirements to be determined by OGRA as per past.

Two SNGPL-based urea fertiliser plants: MoI&P proposes extension in subsidised gas supply

The meeting was also proposed that the Petroleum Division may be directed to ensure that maximum gas pressure/ volume be provided to Fauji Fertilizer Bin Qasim Limited (FFBL) for recovery through the SNGPL’s revenue requirements to be determined by the OGRA as per past.

The ECC was further informed that two meetings of the fertiliser review committee were held dated 11th May 2024 under the chairmanship of the secretary Finance Division.

The meetings proposed three blends – Blend-I mix including LNG with 50:50 ratio at Rs2,498.50 ratio per MMBTU, Blend-II including LNG mix with 25:75 at Rs2,047.75 per MMBTU and Blend-III including LNG mix with 75:25 ratio at Rs2,949.25 per MMBTU. The secretary finance and the secretary industries and Production Divisions agreed on Blend-II, whereas, the secretary Petroleum Division proposed blend I or III.

However, the secretary Ministry of Industries and Production emphasised that whatever regime of prices is worked out that may be applied after Kharif season so that the current market may not be affected. He also emphasised that maximum gas pressure/ volume to be provided to Fauji Fertilizer Bin Qasim Limited (FFBL).

The Ministry of National Food Security and Research in their comments has supported the stance of the MoI&P that there should be no increase in gas price from Rs1,597 to Rs2,047.7 MMBTU for this Kharif season and that FFBL may be provided maximum gas reassure/ volume.

The ECC also approved technical supplementary grants (TSGs) of around Rs4,272.4 million for various ministries and Divisions including a request of the Ministry of Interior for the provision of Rs2.363 million TSG for the payment of troops costs/ subsistence allowance, request of the Intelligence Bureau Division for the provision of funds to the tune of Rs200 million as well as request of the Ministry of Law and Justice for the provision of Rs19.373 million and Strategic Plans Division/ SUPARCO’s proposal for the provision of Rs4,050.686 million to meet the requirements of the project titled, “Pakistan Multi-Mission Communication Satellite System”.

The ECC meeting was attended by the Minister for Commerce Jam Kamal Khan, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Petroleum Musadik Masood Malik, Minister for Industries and Production Rana Tanveer Hussain, Minister for Economic Affairs Ahad Khan Cheema, Minister of State for Finance and Revenue Ali Pervez Malik, the governor SBP, the chairman SECP, federal secretaries, and other senior officials of the relevant ministries.

Copyright Business Recorder, 2024

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