FPCCI emphasises amendments & updates in Petroleum Act 1934

KARACHI: Atif Ikram Sheikh, President FPCCI, has appreciated Senator Musadik Malik, Federal Petroleum Minister and the Director General of Explosives at Ministry of Petroleum for responding to the concerns of trade and industry vis-à-vis the definition, handling, storage and licensing requirements of liquid hydrocarbon, mixed hydrocarbons and any other material or mixture containing hydrocarbons.

He apprised that FPCCI had officially written to the DG Explosives after receiving multiple complaints and queries from the sector to seek clarification. While we acknowledge their reply; nevertheless, we, at FPCCI, feel that the country needs amendments and updates in the Petroleum Act of 1934 – to create enabling environment for the sector to flourish.

Saquib Fayyaz Magoon, SVP FPCCI, proposed that the Petroleum Act 1934 should be updated to remove irrelevant or obsolete items in it; and, reflect only the necessary precautionary or safety measures. The petrochemical industry has evolved over the past many decades and we need to amend our laws accordingly, he added.

Magoon highlighted that the products contained in Clause A, B and C of the Petroleum Act 1934 should be dealt separately in terms of licensing, handling, storage and transportation requirements. The products in Clause B & C should not have as stringent requirements as in Clause A, he added.

Meanwhile, SVP FPCCI recommended that the amendment incorporated in the Petroleum Act of 1934 on August 5, 2023, which introduced the above-mentioned clauses, should be deferred – as it will cause shortage of raw materials for varied industries pertaining to petrochemical products.

Copyright Business Recorder, 2024