Home » News » Finance » Commercial import of furnace oil may be allowed

Commercial import of furnace oil may be allowed

ISLAMABAD (April 14 2003) : The government is expected to allow commercial import of furnace oil in a couple of days. However, the importers will have to conform to the import standards as laid down by the Petroleum Ministry, official sources told Business Recorder .

“Fuel oil will be imported through tenders on importers' own risk and cost, after obtaining clearance from Oil Companies Advisory Committee (OCAC) about the quantity to be imported and arrival schedule,” sources said.

The Economic Co-ordination Committee of the Cabinet (ECC) had approved, in February, the suggestion submitted by the Ministry of Petroleum and Natural Resources, but Commerce Ministry failed to issue the required SRO immediately.

However, after two months of the approval, Commerce Ministry has finalised the SRO, which is expected to be issued on Monday.

The government had allowed Wapda, KESC, IPPs and industrial consumers to import furnace oil for self consumption, but Wapda officials complained on several occasions that import of furnace oil had not been fully deregulated.

The amended SRO reads as:

“In exercise of power conferred by sub-section (1) of section 3 of the Imports and Exports (Control) Act, 1950(XXXXIX of 1950, the federal government is pleased to direct that the following further amendment shall be made in the import trade and procedure order, 2000, namely:

“In the aforesaid order, in Appendix -D, in section-II against Sr.No 5 in column (4) for the existing entry the following shall be substituted, namely:

“Importable by oil marketing companies, Wapda, KESC, IPPs and industrial consumers for self-consumption:

“Provided that furnace oil shall be importable by commercial importers subject to clearance from oil companies advisory committee of the Ministry of Petroleum and Natural Resources.”

Leave a Reply