ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) in its meeting chaired by Finance Minister Ishaq Dar here on Monday considered and approved five different proposals relating to the energy sector. The ECC considered the proposal for Implementation of North-South Gas Pipeline project under government-to-government agreement with Russia and approved it, said in a statement issued by Ministry of Finance. The ECC also constituted a price negotiation committee consisting of Law secretary, BoI secretary, representatives of Finance Division, SNGPL MD and ISGS MD to negotiate the project details and pricing with the Russian side. The committee also considered the proposal on restructuring of Gwadar-Nawabshah LNG terminal and pipeline project and approved implementation of the project. The ECC also directed the ministry concerned to complete all codal formalities and directed that it must be ensured that the revised strategy does not result in any cost escalation. It was further decided that the secretary will chair the price negotiation committee, while Law secretary, BoI secretary, representative of Finance Division, SNGPL MD and ISGS MD shall be members of the committee. The ECC had detailed discussion on proposal submitted by the Ministry of Water and Power and accorded approval of issuance of sovereign guarantee by Finance Ministry in respect of syndicated term finance facility amounting to Rs 25 billion for the power sector. The ECC considered the proposal of Ministry of Petroleum and Natural Resources on LPG Air Mixture projects and decided that in view of CCI approval accorded on February 29th regarding LPG Policy 2016, any further approval from ECC was not required in the matter. Now it was up to OGRA to implement the approved policy in letter and spirit. On another proposal submitted by the Ministry of Water and Power, the ECC accorded approval for non-cash settlement of Rs 70.167 billion in respect of power sector payables/receivables among various government entities.