Surplus urea exports open till Feb 28: ECC

Staff Report
Saturday - December 30, 2017
ISLAMABAD: Prime minister (PM) Shahid Khaqan Abbasi chaired a meeting of economic coordination committee (ECC), on Friday, whereat the ECC permitted extension in the deadline of export of 41,000 million tons (MT) surplus urea till February 28th while an additional quantity of 35,000 MT urea to be exported to Sri Lanka was also approved; an official statement said.

According to detail, the ECC approved a proposal of allowing united towel exporters limited to remit Euro 8.425 million from its special foreign currency account to acquire 70 percent shares of vespo gorep (BV) in Netherlands.

The ECC authorised central power purchasing agency (CPPA) to sign interim agreement regarding revised payment terms for generation on re-liquefied natural gas (RLNG) by four independent power producers (IPPs) Saif power ltd., orient power ltd., saphhire electric company Ltd., and halmore power generation company ltd.

These IPPs 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 will result in significant cost saving each month.

The ECC also approved a proposal for extension in the date for applicability of reduced withholding tax rate at the rate of 0.4 percent for non-filers till June 30th under section 236P of the income tax ordinance, 2001.