During the meeting, ECC gave approval for the Sale of Lint Cotton procured by TCP during 2014-15.
It was decided that Trading Corporation of Pakistan will sell out the cotton stocks through national /international competitive bidding process. TCP will fix a reserve price and bids below the reserve price will not be accepted.
ECC also considered and approved the proposal presented by the Aviation Division for the extension in debt repayment period of the Government of Pakistan guaranteed PIAC Sukuk certificates of Rs. 6.80 billion by five years with repayment at maturity.
The Sukuk investors have also agreed to extend the facility for the period of 5 years on the same terms and conditions.
The committee also took notice of the media reports regarding quality and non-availability of products at Utility Stores.
MD USC clarified before the forum that all stores of the USC had been well stocked and the USC had never compromised on the quality of the products in its stores. The sale of the products in Ramazan has been on peak as people have fully availed the opportunity to purchase subsidized products offered by the USC.
Chairman ECC directed Secretary Industries to verify facts for the information of the public.
On a proposal moved by Ministry of Petroleum and Natural Resources, ECC directed OGRA to develop a comprehensive recovery mechanism of regulatory duty on crude oil and petroleum products based on the principle that there should be no loss / gain to OMCs/Refineries due to imposition of subject regulatory duties.
