CCOE for increasing storage capacity for petroleum products

The Cabinet Committee on Energy (CCOE) asked the ministry concerned to take necessary steps to increase the national storage capacity of petroleum products.

CCOE for increasing storage capacity for petroleum productsMinister for Planning, Development and Special Initiatives Asad Umar chaired the meeting of CCOE reviewed the progress of Central Power Purchasing Authority (CPPA) on the introduction of a new competitive trading based energy market.

The committee was informed that different actions required for the development and introduction of new market system were being undertaken as per the give timelines.

CPPA also briefed the CCOE on the next steps in the process. The CCOE directed the authority to make sure that inputs from all the stakeholders including the current participants in the energy market were received for emphasizing the timely completion of the reform process.

The committee also directed the concerned authorities to frequently report the implementation progress on the introduction of competitive bilateral trading market system in Pakistan’s energy market.

The CCOE was apprised that enough stocks of all petroleum products were available in the country, however, due to the pandemic; petroleum products have witnessed a sharp decline in demand.

The CCOE was informed that a new format of reporting had been in consultation with NEPRA for continuing transparency and uniformity in data related to circular debt,

The committee also directed NEPRA to ensure the accuracy and reliability of data on circular debt.

Minister for Railways Sheikh Rasheed, Advisor on Finance Hafiz Shaikh, Minister for Petroleum Umar Ayub, Minister for Maritime Affairs Ali Zaidi, and Special Assistant to Prime Minister on Petroleum Nadeem Babar were also present in the meeting.