ECC approves Rs8b bailout package for Pakistan Steel Mills

Committee also approves allocation of newly found gas reserves by OGDC to gas companies.

ISLAMABAD: The cabinet’s Economic Coordination Committee (ECC) approved a bailout package worth around Rs8 billion for Pakistan Steel Mills, Express News reported on Tuesday.

A profitable entity until 2011, the accumulative losses of the state-run steel mills have crossed Rs50 billion during the last four years. The unit is causing a loss of Rs550 million per month to the national exchequer.

In a meeting chaired by Finance Minister Abdul Hafeez Shaikh, the committee discussed the funding of Water and Power Development Authority (Wapda) developmental projects.

The ECC also approved allocation of newly found gas reserves by the Oil and Gas Development Company (OGDC) to various gas companies.

During the meeting, the committee reviewed the gas supply from Makori gas field to the Southern Gas Company (SSGC).