ISLAMABAD - The Economic Coordination Committee (ECC) of the Cabinet on Friday decided to allow import of CNG cylinders/kits for which Letter of Credit (L/C) opened or bank contract (as per State Bank Regulations) has already been concluded before 31st December 2012.The Economic Coordination Committee (ECC) of the Cabinet met here under the chairmanship of Federal Minister for Finance and Economic Affairs, Saleem H. Mandviwalla. The ECC decided to allow import of cylinders/kits for which L/C opened or bank contract (as per State Bank Regulations) has already been concluded before 31st December 2012. For the purposes of developing export-oriented business of CNG conversion kits, the ECC allowed import of parts/ components of CNG kits for export of CNG kits only subject to condition that these parts are not locally manufactured.The ECC was proposed that the import of cylinders and kits may be allowed for those shipments for which a letter of credit was opened, or bank guarantee or contract as per State Bank Regulations had already been concluded, before December 31, 2011. The move is expected to help certain influential individuals clear 59 consignments of cylinders which were awaiting clearance due to the ban imposed in September last year.The ECC approved M/s Byco’s request for reimbursement of operational cost of Single Point Mooring (SPM) through IFEM as per PARCO rates. The proposals say Byco should either be given a 20-year tax holiday or be allowed to recover operational cost of the single-point mooring from consumers.Sources said that ECC did not take any decision on the summary moved by Petroleum Ministry seeking increase in the margin of oil dealers and oil marketing companies. The decision would result in jack up the prices of petrol and diesel by up to Rs 0.65/litre. ECC might consider this summary in its next meeting.Ministry of Finance presented a summary to the ECC regarding federal strategic reserve of wheat maintained by Government of Punjab. The ECC approved the cut-off/ termination date for disposal of entire Wheat Reserve Stock maintained by Government of Punjab as 31-03-2013 i.e before procurement of wheat crop-2013. The ECC decided that Strategic Wheat Reserve (1.0 million tons), if required might be maintained by Passco only.Ministry of National Food Security and Research moved a summary seeking approval of the ECC for donation of wheat to World Food Programme for IDPs of FATA and Khyber Pakhtoonkhwa. The ECC approved donation of 75,000 tons of wheat to be donated to World Food Programme for IDPs of FATA and Khyber Pakhtoonkhwa.Ministry of Petroleum and natural Resources moved a summary seeking approval of the ECC for allocation of gas from Latif Field. ECC was informed that Latif Field is expected to produce up to 77.3 MMCFD gas with effect for 4th quarter of 2013, whereas earlier allocation from this field was made for 25 MMCFD. The ECC approved the allocation of 77.3 MMCDF gas from Latif Field to SSGCL and SNGPL on equal sharing basis.On a summary moved by Ministry of Petroleum and Natural Resources the ECC approved the arrangement of diversion of already allocated gas from Engro’s old plant to their new plant till December 31, 2013. Ministry of Petroleum & Natural Resources moved the summary seeking approval of the ECC for a short term plan for allocation of gas for Engro Fertilizer Limited from alternate sources. The ECC approved the allocation of gas from RetiMaru, Sara West and Mari New Discovery to Engro in the interim period till the implementation of ECC earlier decision.