Daily Times

ISLAMABAD: The Economic Coordination Committee (ECC) has accorded approval to a proposal seeking transfer of Heavy Mechanical Complex (HMC) to the Strategic Plans Division (SPD).

An amount of Rs 500 million was approved to cover necessary expenditure including salaries of the HMC employees by June this year. It was decided in the meeting of the ECC held at the Prime Minister’s Office on Tuesday with Finance Minister Ishaq Dar, in the chair.

While giving approval the committee emphasised that the said transfer would take place by ensuring the due process and that the rights of HMC’s employees would be fully protected. A sum of Rs 253 million out of total Rs 500 million approved would be adjusted on account of the salaries already paid to the HMC employees as per approval by the committee. The SPD officials assured the committee that all efforts would be made to revive HMC to its maximum potential.

The ECC also accorded approval to a proposal seeking procurement of equipment from one of the three listed Chinese companies for Gwadar Port Authority through bidding process in accordance with the Framework Agreement under section 21 of PPRA Ordinance 2002 and PPRA Rules 2004. The proposal was submitted by the Ministry of Ports and Shipping.

After detailed deliberations on the recommendations submitted by a committee constituted last year to review the pricing mechanism for RLNG, the ECC gave consent to formally conveying the recommendations to Oil and Gas Regulatory Authority (OGRA) as policy guidelines under section 21 of the OGRA Ordinance 2002.

Finance Division secretary, Ministry of Petroleum secretary, Ministry of Water and Power secretary and Law secretary were the members of the committee.

Sources told Daily Times that the meeting also gave approval for export of four rare breed horses to Middle East. Two of them would be gifted to Saudi princes while two would be presented to the prince of Qatar.