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ECC approves plan for establishment of six new oil depots

ISLAMABAD: The Economic Coordination Committee of the Cabinet has approved the plan for establishment of six new oil depots in the country, ARY News reported.

An important meeting of Economic Coordination Committee (ECC) held in Islamabad on Wednesday. Finance Minister Ishaq Dar chaired the meeting.

During the meeting ECC has extended temporary suspension on import of gold till March 20.

Ishaq Dar directed Ministry of Commerce‚ Federal Board of Revenue and the State Bank to hold a meeting with all the stakeholders and bring proposals and recommendations to ensure export of gold jewellery to the extent of the gold imported for value addition.

The ECC was informed that there are positive trends in the key economic indicators.

The ECC approved the summary sent by Ministry of Oil and Gas for the establishment of oil depots in Daulatpur, Khuzdar, Sangi, Jacobabad, Kandiyan and Sarae Naurang.

Government will not provide any kind of financial aid for the project. OGRA has been assigned the responsibility to restrict any misuse of these depots.

Meanwhile, Secretary Finance Waqar Masood informed during the briefing that Pakistan has 2.3 million ton of sugar reserve while 20 days reserves for petroleum products.

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ECC approves plan for establishment of six new oil depots

by Zohaib Kazmi