The Economic Coordination Committee (ECC) of the cabinet Wednesday formed a committee to prepare a proposal on modalities for clearing the circular debt of the Petroleum Division. The committee was constituted during the ECC meeting chaired by Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh here. The committee would comprise members from all the relevant stakeholders including Finance Division, Power and Petroleum Division, Planning Division, Securities and Exchange Commission of Pakistan (SECP), Oil and Gas Regulator Authority (OGRA), Oil and Gas Development Company Limited (OGDCL), Pakistan State Oil (PSO), Sui Northern Gas Pipelines Limited (SNGPL), Pakistan Petroleum Limited (PPL), Government Holdings Private Limited (GHPL) and Pakistan LNG Limited (PLL). The committee would prepare a well-rounded proposal in a month and submit before the ECC. The cabinet committee also decided that the issue of circular debt would be considered holistically and a solution would be worked out to resolve the issue.