The Economic Coordination Committee (ECC) of the Cabinet allowed Sui Northern Gas Pipelines Limited (SNGPL) Based fertilizer plants to operate beyond May 31 to August 31 on indigenous gas with no subsidy.
The ECC met with Minister for Finance and Revenue Senator Mohammad Ishaq Dar in a chair, adding that SNGPL-based fertilizer plants include Fatima Fertilizer (Sheikhupura) and Agritech, said a press release on Wednesday.
Ministry of Industries and Production submitted a summary of Urea Fertilizer requirements for the year 2023 and briefed on the urea fertilizer situation in the country.
Ministry of Climate Change and Environmental Coordination submitted a summary on the participation of Sindh’s Mangroves projects in voluntary carbon markets and presented that Sindh Forest Department is implementing two Indus Delta Mangrove projects viz Delta Blue Carbon-I(DBC-I) and Delta Blue Carbon-II (DBC-II) to generate carbon credits and trade with international entities on Voluntary Carbon Market(VCM).
The ECC after discussion approved the proposal of the Ministry that the DBC-I and DBC-II projects as these were initiated prior to the commitment made under NDCs in 2021 and these projects are expected to generate around US$ 200 to 220 million till 2043 with additional benefits of creating green jobs.
The ECC also considered a summary of the Ministry of Energy (Power Division) on payment mechanisms and agreements with M/s Uch Power (Pvt) Limited.
ECC approved the proposals of the Ministry for a Novation Agreement, Master Agreement, and PPA amendment that would result in savings of Rs. 33 billion over a period of seven years.
The ECC also approved the following technical supplementary grants/ supplementary grants including Rs 2.5 million in favour of Ministry of Climate Change and Environment Coordination to meet its expenditures.