Pakistan approves oil supply deal with Azerbaijan

Our Correspondent

Pakistan on Wednesday approved a proposal of an oil supply deal between Pakistan State Oil (PSO) and the State Oil Company of the Republic of Azerbaijan (SOCAR).

The Economic Coordination Committee (ECC) in its meeting accorded approval to a proposal of. The Ministry of Petroleum regarding Fuel Supply Agreement between Pakistan State Oil (PSO) and State Oil Company of the Republic of Azerbaijan (SOCAR).

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Finance Minister Asad Umar chaired the meeting of the Economic Coordination Committee of the Cabinet (ECC). The Industries and Production Division briefed the Committee about the availability of urea in the country.

In order to facilitate the farmers and meet their urea’s demand, the Committee approved the immediate import of 100,000 tons of urea. Besides, it decided to allow the additional imports of Urea in the event of any demand-supply gap.

The ECC directed the Ministry of Industries and Production to review the price mechanism of the fertilizer industry for ensuring the provision of urea to farmers at cheaper rates.

The Committee directed the relevant institution to check market manipulation activities in the fertilizer sector and use all the powers available under the law to penalize such behavior.

The Committee was apprised by the Industries Division about the status of NAB cases against seven persons involved in corruption in Pakistan Steel Mills. Interior Division informed the meeting that the name of seven persons had been recommended for placement on Exit Control List (ECL).

Giving a presentation to the Committee, Utility Stores Corporation informed about preparations for the Ramazan Package. ECC directed the Industries Division to ensure that in Ramazan package is implemented effectively and the intended relief is passed on to consumers.

Statistics Division gave a presentation to the Committee about the inflation and price situation of various items in the country. It was decided to constitute a sub-Committee, under the chairmanship of the Minister for National Food Security & Research, to review the supply and demand situation of essential food items to ensure stable prices in the country.

The Committee also considered and approved various proposals for Supplementary and Technical Supplement Grants.