Govt providing subsidy to industrial sector of zero-rated industry: Ghulam Sarwar

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Ghulam Sarwar

From Business Correspondent

ISLAMABAD: Minister for Petroleum and Natural Resources Ghulam Sarwar Khan yesterday said that the government is providing subsidy on gas and RLNG to industrial sector of zero-rated industry.

Talking to media outside the Parliament House, he said that it is a project of Rs. 44 billion of subsidy for the zero-rated industry.  He said Economic Coordination Committee (ECC) in its meeting held on 16-10-2018 decided to provide 100 percent RLNG to zero-rated industry for three months December to February. Minister of State for Revenue Hamad Azhar was also present on the occasion.

Ghulam Sawar Khan said that a blend of system gas and RLNG of 50:50 shall be provided to zero-rated industry for a period of nine months March to November.

He said that Finance Division to hold a meeting with Petroleum Division and OGRA for devising a mechanism for disbursement of financial support for the supply of gas /RLNG to zero rated industry.

He said that the Finance Division has notified the procedure for subsidy on November 2.

He said that according to procedure SNGPL will invoice the zero-rated industry at notified prices of RLNG and upon receipt of subsidy from Finance Division on monthly basis, the subsequent invoices to industry will be adjusted at ECC approved weighted average price of US$ 6.5 per mmbtu.

He said that on receipt of subsidy from Finance Division SNGPL will onward credit the same through immediate adjustment in the subsequent gas bills.

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