Economic Coordination Committee allows urea imports

The Economic Coordination Committee (ECC) of the cabinet on Thursday decided to import 220,000 tonnes of urea from Azerbaijan on a government-to-government (G2G) basis, allowed Rs754 billion cash credit limits (CCL) to Punjab and Sindh for procurement of essential commodities and approved a further increase in gas price from January. The ECC meeting, presided over by caretaker Finance Minister Dr Shamshad Akhtar, rejected an increase in prices of 262 medicines sought on a hardship basis and refused waiver of interest on $25 million loan to the National Database and Registration Authority (Nadra) for issuance of digital identification cards. The meeting allowed higher than normal wellhead gas price for Jhal Magsi field in Balochistan to make it commercially viable for the OGDCL-led joint venture. On the request of the industries and production ministry, the ECC allowed the Trading Corporation of Pakistan to immediately finalise arrangements with Azerbaijan’s SOCAR Trading for import of 220,000 tonnes of urea. The state-owned company had offered $388.5 per tonne on cost & freight (CFR) on a G2G basis at 30-day credit.