Farkhund Yousafzai
ISLAMABAD: Prime Minister Shahbaz Sharif said on Tuesday that government will ensure the protection of investors’ rights in all projects including Reko Diq, and will fulfill its promises in this regard.
The prime minister chaired a cabinet meeting here in Islamabad to discuss the restructuring of Reko Diq project in detail.
The participants gave the green light for the signing of the final Reko Diq agreement and the Ministry of Petroleum and Natural Resources is likely to seal the deal on 15 December, a statement issued by the Prime Minister House said.
“The presidential reference was filed under Article 186 of the constitution in Supreme Court, to seek legal opinion on the final agreements of Reko Diq project. The apex court ruled on 9 December that the restructuring process of the Reko Diq project was fair and transparent and all the under-consideration agreements were legal”, the statement said.
Reko Diq agreement restructuring
The cabinet also approved a regulatory framework for State-owned Enterprises (SOEs), their special purpose vehicles, Balochistan government’s special purpose vehicles, and Reko Diq project company to restructure the Reko Diq agreement.
The cabinet was informed that it was agreed with allied parties that this legislation would be limited only to the Reko Diq project and a five-member committee has been formed to remove some legal hurdles. The Finance Minister Ishaq Dar, Trade Minister Naveed Qamar and Minister for Economic Affairs Sardar Ayaz Sadiq are part of the committee.
