The Petroleum Division is reportedly in the process of initiating a summary for approval of the Reko Diq Project transaction under the Inter-Governmental Commercial Transaction Act (IGCTA) 2002, in coordination with the 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 the 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 $ 1 billion shares in Reko Diq controlled by Barrick Gold Corporation. The sources said Petroleum Division will also devise an action plan for restructuring GSP based on the recommendations of the audit report.
Weir Group secures £53mn order for Reko Diq copper-gold project in Pakistan
According to sources, the Petroleum Division has also been directed, in consultation with the 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.
The Petroleum Division has been tasked to take provinces on board for compliance/ devising of a 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 the Executive Committee of SIFC.
According to sources, the Petroleum Division has been directed to take the lead and coordinate with the Ministry of Inter-Provincial Coordination (IPC) for holding an inter-provincial Ministers and Chief Secretaries’ meeting to deliberate on minerals harmonization mechanism and regulatory framework with progress to be presented in the next EC.
Special Secretary, Minerals Wing, Petroleum Division concerning an acute shortage of officers in the newly formed Minerals Wing stated that all companies/ projects in the 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 the Special Secretary would send demands of all vacant/ deficient vacancies and all other requirements, besides taking concrete steps for the formulation of the Mineral Division.
Secretary Industries, Secretary Petroleum, Secretary MNFS&R, and Chairman OGRA have been directed to resolve the issue of differential payment for the supply of RLNG to fertilizer plants. MoI&P will collaborate with the Petroleum Division for conducting a stakeholders meeting including Fertiliser Manufacturers, and MNFS&R, to devise mutually agreed recommendations/ firmed up future courses of action, ensuring a level playing field for all fertilizer plants, to be presented for approval in the next EC.
The sources said, the EC has also sough firm timelines for approval of the following three policies: (i) the Sustainable Coal Utilisation Policy 2024; (ii) the liquefied Petroleum Gas Policy, and; (iii) the National Green Hydrogen Production Policy. Secretary Cabinet has been directed to take the lead for approval of the Energas terminal/ Qatar Energy Investment Project whereas the Petroleum Division is to pursue LPG import options from Turkmenistan through MoFA.
The Petroleum Division has also been directed to ensure speedy implementation of the decision of the 9th EC regarding the Jamshoro Joint Venture Limited dispute.
Reference Link:- https://www.brecorder.com/news/40319292