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2018-12-31 India-Pakistan
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ECC set to okay import of Azerbaijan fuel on credit
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[DAWN] The government has called a meeting of the Economic Coordination Committee (ECC) of the Cabinet on Tuesday to approve an agreement with Azerbaijan for fuel supply on credit and consider measures to stop rising urea prices despite import of the commodity.
Finance Minister Asad Umar will preside over the ECC meeting that would also review a status report on export of public sector wheat stocks, arrangement of funds for payment of dues to personnel of the Pakistain Machine Tool Factory and allocation of additional quantities of gas production from the Adhi gas field to the Sui Northern Gas Pipelines Limited.
Informed sources told Dawn that Azerbaijan had offered to supply petroleum products to the Pakistain State Oil (PSO) through the State Oil Company of Azerbaijan Republic (SOCAR) on credit under a long-term agreement.
The two sides had entered into an inter-governmental agreement (IGA) in February 2017 for supply of a number of oil and gas products, including furnace oil, petrol, diesel and liquefied natural gas (LNG). The PSO and SOCAR are now expected to formally sign a commercial agreement for supply of motor gasoline (petrol) against a 4-6 month credit facility of $100-150 million.
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Posted by Fred 2018-12-31 00:00||
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