CCoE for enhancement of oil storage capacity

ISLAMABAD: The Cabinet Committee on Energy (CCoE) on Friday asked the concerned ministry to take necessary steps and enhance the national storage capacity of petroleum products.

Planning, Development and Special Initiatives Minister Asad Umar chaired the meeting of CCoE that reviewed the progress of the Central Power Purchasing Authority (CPPA) on the introduction of a new competitive trading-based energy market.

The committee was informed that various actions required for the development and introduction of new market system were being undertaken as per the given timelines. The authority also briefed the CCOE on the next steps in the process.

Emphasising the timely completion of the reform process, the committee directed the authority to ensure that inputs from all stakeholders including current participants in the energy market were received.

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The committee also directed the concerned authorities to regularly report the implementation progress on the introduction of competitive bilateral trading market system in Pakistan’s energy market.

The CCoE was apprised that sufficient stocks of all petroleum products were available in the country, however, due to the pandemic; petroleum products have witnessed a sharp decline in demand.

It was further informed that in order to maintain transparency and uniformity in data related to the circular debt, a new format of reporting had been devised in consultation with NEPRA.

The committee directed NEPRA to ensure the accuracy and integrity of data on the circular debt.

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