Reko-Diq development plan: Key changes approved

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Tuesday approved changes to the Reko-Diq Project’s development plan, along with related financial commitments and project financing considerations.

A press release from the Finance Division stated that the ECC meeting was chaired virtually from China by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

Other attendees included Minister for Petroleum, Ali Parvez Malik; Minister for Commerce, Jam Kamal Khan; Minister for Board of Investment, Qaiser Ahmed Sheikh; Chairman of SECP; federal secretaries; and senior officials from relevant ministries and divisions.

The Petroleum Division presented a summary outlining the need for changes in the Reko-Diq Project’s development plan due to inflation and an expanded project scope, which now includes increased capacity, an updated energy mix, alternative water supply options, and enhanced processing plants and machinery.

The ECC acknowledged the factors contributing to the project’s escalation in cost and approved the proposals outlined in the summary. It also directed the Ministries of Petroleum and Finance to maintain close coordination to ensure the timely implementation of all agreed actions.

The ECC reaffirmed its full support for the Reko-Diq Project, describing it as a project of significant national importance, according to the press release.

Read More: Reko Diq feasibility study completed, $627m investment confirmed

Additionally, the ECC approved a summary presented by the Ministry of Interprovincial Coordination for a technical supplementary grant amounting to Rs 200 million under the development grant of IPC Division for the construction of PSB Coaching Centre at Skardu.

The ECC, however, urged the Ministry of Interprovincial Coordination to ensure that after its construction, the training facility remains operational and serves the desired purpose in terms of providing sports facilities to local population and serving as a high-altitude training facility for athletes competing at the national and international level.