ISLAMABAD: The government on Friday authorised the Central Power Purchasing Agency (CPPA) to sign an interim agreement on revised payment terms for generation on regasified liquefied natural gas (RLNG) by four independent power producers.

The decision was taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet presided over by Prime Minister Shahid Khaqan Abbasi.The four IPPs -- Saif Power Ltd, Orient Power Ltd, Saphhire Electric Company Ltd and Halmore Power Generation Company Ltd -- have dual fuel plants which can be operated on natural gas as primary fuel and high-speed diesel (HSD) as secondary/alternative fuel. The operations of these IPPs on RLNG would result in significant cost saving each month.

An official statement issued after the meeting said that the ECC also permitted extension in the deadline of export of 41,000 tonnes surplus urea till Feb 28, 2018. An additional quantity of 35,000 tonnes urea to be exported to Sri Lanka was also approved.

ECC extends deadline for urea export

The ECC approved a proposal of allowing United Towel Exporters Ltd to remit 8.425 million euros from its special foreign currency account to acquire 70pc shares of Vespo Group BV Netherlands.

It was also approved to extend the date for applicability of reduced withholding tax rate at the rate of 0.4 per cent for non-filers till June 30, 2018 under section 236P of the Income Tax Ordinance, 2001.

Published in Dawn, December 30th, 2017