ECC Greenlights Policy Guidelines for Petroleum Imports via Bonded Storage Facilities

The Economic Coordination Committee (ECC) approves policy guidelines for petroleum imports via customs bonded storage facilities, aiming to streamline the import process.

In a recent development, the Economic Coordination Committee (ECC) of the Cabinet has given its approval to the policy guidelines for petroleum imports via customs bonded storage facilities. The decision was made during a meeting chaired by Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar.

The ECC thoroughly discussed and approved a summary presented by the Petroleum Division. The summary outlined the policy guidelines for importing petroleum on foreign suppliers’ accounts through customs bonded storage facilities. This move is expected to streamline the import process and ensure a steady supply of petroleum in the country.

In addition to the petroleum import policy, the ECC also approved a technical supplementary grant of Rs 200 million in favor of the Department of the Auditor General of Pakistan (DAGP). This grant is intended to cover employee-related expenses, further strengthening the department’s operational capabilities.

The ECC also reconsidered a summary from the Ministry of Interior and approved a technical supplementary grant of Rs 381.395 million. This grant is divided into Rs 298.937 million for the Frontier Corps (FC) KPNorth and Rs 82.458 million for FC KPSouth, specifically allocated for ration bills.

Meeting of the Economic Coordination Committee (ECC) of the Cabinet headed by Finance Minister Senator Mohamaad Ishaq Dar, was held today, which discussed and approved different proposals from the Finance, Interior and Petroleum Ministries. pic.twitter.com/nQJV9VHMwv

— Ministry of Finance (@FinMinistryPak) June 27, 2023

The meeting was attended by several key figures, including Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Mr. Musadik Masood Malik, Special Assistant to the Prime Minister (SAPM) on Finance Mr. Tariq Bajwa, and Coordinator to the PM on Economy Mr. Bilal Azhar Kayani. Federal secretaries and other senior officers were also present.

The ECC’s decision to approve the policy guidelines for petroleum imports via customs bonded storage facilities is a significant step towards improving the country’s petroleum import process. By allowing imports on foreign suppliers’ accounts, the ECC is ensuring that the country has a reliable and efficient system for importing petroleum.

This move is also expected to have a positive impact on the country’s economy. By streamlining the import process, the ECC is reducing the potential for delays and disruptions in the supply of petroleum. This will not only ensure a steady supply of petroleum but also contribute to the stability of the country’s energy sector.

Furthermore, the approval of the technical supplementary grants for the DAGP and the FC is a testament to the ECC’s commitment to supporting key departments and institutions. By providing these grants, the ECC is ensuring that these departments have the necessary resources to carry out their duties effectively.

In conclusion, the ECC’s recent decisions reflect its commitment to improving the country’s petroleum import process and supporting key departments. As the ECC continues to make strategic decisions and implement effective policies, it is contributing to the country’s economic stability and growth.