ECC may agreed for import of Azerbaijan fuel on credit

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In the Economic Coordination Committee or ECC meeting on Tuesday (tomorrow), the agreement for import of Azerbaijan fuel on the credit is expected.

ECC will give the approval for import of Azerbaijan fuel on credit. In addition, they will also consider key steps to stop the increasing urea prices despite the imports.

The next ECC meeting will be chaired by Finance Minister Asad Umar. However, the meeting will also review the status report on the public sector wheat stocks’ export. The discussion on allocation of extra amount of gas production from the Adhi gas field to the SNGPL and the funds arrangement for the dues clearance for PMTF employees will be also made.

According to sources, Azerbaijan offered to supply fuel on credit to Pakistan State Oil (PSO) through SOCAR or State Oil Company of Azerbaijan Republic.

In February 2017, both sides agreed on the IGA or inter-governmental agreement. However, SOCAR and PSO are expected to formally sign the commercial agreement. The $100 to 150 credit facility will be for 4 to 6 months.

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