Islamabad: The Federal Cabinet approved the Reko Diq project and Pakistan is set to sign the Reko Diq final deal to meet the deadline of December 15, according to news published on December 14.
Read:FBR extends CVT relief to Reko Diq Mining Company
Prime Minister (PM) Shehbaz Sharif chaired the cabinet meeting, in which the project was approved and it was decided that the Pakistan government will sign the deal tomorrow (December 15). The news source also mentioned that President Arif Alvi signed the Foreign Investment Promotion and Protection Bill 2022. This bill is aimed to protect foreign investments in the country.
As per the details, the federal cabinet has asked the secretary/ additional secretary of petroleum under the Rules of Business 1973 to sign the deal on behalf of the government. The federal cabinet endorsed the decision of the Economic Coordination Committee regarding the Reko Diq project funding plan, taken on December 11.
Moreover, the attendees were informed that a legal opinion was sought from the Supreme Court for the settlement of the Reko Diq project agreement. Supreme Court observed that the reconstitution process of the Reko Diq project was transparent and agreements signed in this regard are legal.
Read: ECC okays agendas for early start of Reko Diq project
The meeting also approved the regulatory framework for the state-owned enterprises (SOEs), its special purposes vehicles (SPVs), the government of Balochistan SPVs, and the Reko Diq project company. With the consensus of allied parties, the legislation was related to the extent of the project.