Ishaq Dar approves ‘working-interest’ of MoL to MPCL in Margala Block

Ishaq Dar has constituted a committee for the settlement of gas circular debt which will find solution of gas circular debt in Pakistan

ISLAMABAD: The Finance Minister Ishaq Dar on Wednesday approved 30 per cent working interest of M/s MoL, a leading international group, integrated Oil and Gas Company from Hungary, to M/s Mari Petroleum Company Limited (MPCL) in oil exploration in Margala Block.

The decision has been taken by the Economic Coordination Committee (ECC) chaired by Finance Minister Senator Ishaq Dar.

The ECC also approved Technical Supplementary Grant in aid of Rs 822.750 million enabling Gwadar Port Authority (GPA) to disburse the amount for fishermen registered with Baluchistan Fisheries Department for the purchase of boat engines.

The ECC also approved a grant in aid of Rs 200 million in favour of Ministry of National Health Services, Regulation and Coordination.

The ECC deferred a summary of Ministry of Energy (Petroleum Division) on credit facility from Kuwait.

The sources claimed that the Ministry of Finance has constituted a committee for the settlement of gas circular debt which will find solution of gas circular debt in Pakistan.

Gas circular debt had piled up to approximately Rs 1500 billion in Pakistan, which the federal government has to pay to gas companies.

The sources said, ‘Ministry has given 10 days’ time period to come up with the solution in relation to gas circular debt.” Plan will be modulated to resolve circular debt through cash/non-cash/adjustments.

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