ECC allows TCP to import urea from China and Azerbaijan.

ISLAMABAD -- The Economic Coordination Committee (ECC) of Cabinet on Friday allowed the Trading Corporation of Pakistan (TCP) to import 160,000 tonnes of urea from China and Azerbaijan under the government-to-government arrangement (G2G).

The ECC meeting, chaired by Finance Minister Ishaq Dar, discussed the summary submitted by the Ministry of Industries and Production for the procurement of 200,000 tonnes of urea to replenish the strategic reserves.

The Ministry of Industries also informed about various options already negotiated regarding the import from Chinese firms who have committed to supply urea at the lowest rate.

The TCP was given a go-ahead for importing 125,000 tonnes of urea from China and 35,000 tonnes from Socar of Azerbaijan on a G2G basis.

The ECC also directed the TCP to explore feasible options for the import of the remaining 40,000 tonnes.

The ECC also considered a summary moved by the Ministry of Energy to bridge the diesel supply gap as the oil marketing companies were not importing high-speed diesel (HSD) in wake of high rates in the international markets.

The ECC recommended that PSO's weighted average premium will be applied for HSD price computation as per the applicable policy.

However, if the OMCs were to import HSD at a higher premium compared to the PSO, the differential will be computed in the price.

Meanwhile, a senior ministry official said...