CCOE for enhancing storage capacity for petroleum products

By Adnan Rafique

ISLAMABAD: The Cabinet Committee on Energy (CCOE) Friday asked the ministry concerned to take necessary steps to enhance the national storage capacity of petroleum products.
Minister for Planning, Development and Special Initiatives Asad Umar chaired the meeting of CCOE here, which 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 various 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. Emphasizing the timely completion of the reform process, the CCOE directed the authority to ensure that inputs from all the stakeholders including the current participants in the energy market were received.
The committee also directed the concerned authorities to regularly report the implementation progress on the introduction of competitive bilateral trading market system in Pakistan’s energy market. The CCOE was apprised that sufficient 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 in order to maintain transparency and uniformity in data related to circular debt, a new format of reporting had been in consultation with NEPRA. The committee also directed NEPRA to ensure the accuracy and integrity 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.