The Economic Coordination Committee (ECC) of the Cabinet on Thursday deliberated on important economic matters and approved the extension of the LNG Framework Agreement between Pakistan LNG Limited (PLL) and SOCAR Trading for another three years.
The ECC met under the chairmanship of Minister for Finance and Revenue Senator Muhammad Aurangzeb at the Finance Division, Islamabad, and was attended by Minister for Petroleum Musadik Masood Malik, Minister for Industries and Production Rana Tanveer Hussain, Chairman FBR, Chairman SECP, Federal Secretaries, and senior officers from concerned ministries and divisions.
Based on the summary of the Petroleum Division, the apex economic committee approved the extension of the LNG Framework Agreement between Pakistan LNG Limited (PLL) and SOCAR Trading for another three years.Â
Initially signed in 2023, the agreement allows PLL to procure one LNG cargo per month when required, without any financial obligations or take-or-pay commitments.
The extension aligns with Pakistan’s strategy for flexible LNG procurement based on seasonal demand, ensuring cost-effective energy solutions.
The ECC also discussed the summary of the Ministry of National Food Security and Research regarding the lifting of the ban on the commercial export of sheep and goats to Kuwait but deferred the agenda for further clarification and due diligence.
The committee also approved a Technical Supplementary Grant (TSG) of Rs 6.859 billion in favour of the Ministry of Energy (Power Division) for development expenditures in the current financial year (2024-25).
