ECC approves 0.1 mln tons increase in sugar exports quota

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved increase in sugar export quota by 0.1 million tons to the total export of the commodity to 1.1 million tons.

The ECC meeting in Islamabad chaired by Minister of Finance Asad Umar, also approved release of two billion rupees for outstanding freight support claims.

The economic body also approved allocation of up to 30 mmcfd gas quota from Zafir gas field to Sui Southern Gas Company Limited.

According to earlier, the ECC had to  discuss duties drawbacks and tax refunds upto the tune of Rs. 36 billion in today’s meeting, sources said.

A report to enhance exports likely to be presented in the ECC session today for the committee’s review.

According to reports, the ministries of finance and energy are seeking Rs 25bn supplementary grant as subsidy on gas rates.

The Economic Coordination Committee (ECC) of the Cabinet in its meeting on September 17, had approved provision of gas to exporters of five zero-rated sectors in Punjab at a fixed rate of $6.5 per mmbtu with 50:50 shares of local gas and RLNG.

The earlier reports suggest ECC will discuss a summary to meet the shortage of fertilizer and will also consider supply of gas to fertilizer plants to address shortage of fertilizer in agriculture sector. The meeting is expected to fix RLNG rates for the fertilizer plants.

A summary to resolve problems faced by the sugar industry also came under consideration during the ECC meeting.