ISLAMABAD: Petroleum Division is reportedly in the process of initiating a summary for approval of Reko Diq Project transaction under Inter-Governmental Commercial Transaction Act (IGCTA) 2002, in coordination with Ministry of Law and Justice, well informed sources told Business Recorder.
This was revealed at a recent high level meeting held to discuss progress on issues of petroleum sector.
Unconfirmed reports suggest that Saudi Arabia’s Manara Minerals Investment Co. backed by the SSF (Saudi Sovereign Fund), whose delegation is also expected next month, has shown an interest in acquiring $1billion shares in Reko Diq controlled by Barrick Gold Corporation. The sources said Petroleum Division will also devise an action plan for restructuring of GSP based on the recommendations of the audit report.
According to sources, Petroleum Division has also been directed, in consultation with Ministry of Foreign Affairs (MoFA), to continue engagement with concerned Chinese stakeholders and firm up a clear way forward on the 24 identified offshore blocks. Petroleum Division to share mutually agreed stance in the next EC.
Petroleum Division has been tasked to take provinces on board for compliance/ devising of plan in response to the report prepared on June 5, 2024, envisaging shortcomings; and expediting preparation of milestones based on timelines to be presented in the meeting of Executive Committee of SIFC.
According to sources, Petroleum Division has been directed to take the lead and coordinate with Ministry of Inter-Provincial Coordination (IPC) for holding an inter-provincial Ministers and Chief Secretaries’ meeting to deliberate on minerals harmonisation mechanism and regulatory framework with progress to be presented in the next EC.
Special Secretary, Minerals Wing, Petroleum Division with reference to an acute shortage of officers in the newly formed Minerals Wing stated that all companies/ projects in federal government relevant to this sector have been moved to this newly created wing. Moreover, the hiring of six new professionals/ consultants is under process.
It was decided that Special Secretary would send demand of all vacant/ deficient vacancies and all other requirements, besides taking concrete steps for formulation of Mineral Division.
Secretary Industries, Secretary Petroleum, Secretary MNFS&R and Chairman OGRA have been directed to resolve the issue of differential payment for supply of RLNG to fertiliser plants. MoI&P will collaborate with Petroleum Division for conducting an all stakeholders meeting including Fertiliser Manufacturers, and MNFS&R, with the objective of devising mutually agreed recommendations/ firmed up future course of action, ensuring level playing field for all fertiliser plants, to be presented for approval in next EC.
The sources said, the EC has also sough firm timelines about approval of following three policies: (i) sustainable coal utilisation policy 2024; (ii) liquefied Petroleum Gas Policy and; (iii) National Green Hydrogen Production Policy. Secretary Cabinet has been directed to take lead for approval of Energas terminal/ Qatar Energy Investment Project whereas Petroleum Division is to pursue LPG import option from Turkmenistan through MoFA.
Petroleum Division has also been directed to ensure speedy implementation of decision of 9th EC regarding Jamshoro Joint Venture Limited dispute.
Story by Mushtaq Ghumman
