Customs-bonded oil storage: ECC may revise import policy
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, scheduled to meet on Monday, will consider revised policy guidelines for imports on foreign suppliers’ accounts through customs-bonded oil storage facilities, sources close to the Finance Minister told Business Recorder . The government had approved the policy guidelines for imports on foreign suppliers’ accounts through…
The Economic Coordination Committee (ECC) of the Cabinet is set to deliberate revised policy guidelines on imports on foreign suppliers' accounts through customs-bonded oil storage facilities. This comes after the government approved the policy in June 2023. However, no foreign supplier has established a bonded storage facility under the policy so far.
The Petroleum Division is focusing on strengthening energy security, particularly indigenisation, development of Strategic Petroleum Reserves (SPR), and promotion of customs-bonded storage facilities. A committee was constituted in May to review and propose recommendations for operationalising the policy. The policy aims to cover imports of various petroleum products from foreign suppliers on their accounts through bonded storage facilities in Pakistan.
Domestic sales to OMCs and refineries would also be permitted. The existing import regime for licensed OMCs and refineries would remain unchanged. The policy seeks approval along with amendments to relevant laws and regulatory frameworks.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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