Energy needs growing by 10-12%: Premier

ISLAMABAD—Prime Minister Shaukat Aziz on Tuesday said Pakistan’s energy requirements are growing by 10% to 12% annually and the government is working to harness the huge potential of the country in oil and gas exploration sectors to maintain the momentum of high growth.
Talking to a delegation of Kuwait Petroleum and MOL, the National Company of Hungary who called on him here at the PM House this evening, the Prime Minister said encouraged by the consistency and continuity of policies and transparency of procedures a number of world renowned companies are investing in the oil and gas sectors in Pakistan.
He said as result of the high growth momentum and improvement in the living standards there is surge in demand in the energy sector in Pakistan. The government, the Prime Minister said is working to enhance the country’s indigenous capacity and also looking into possibilities to import energy from other countries.
He said Pakistan is in an ideal position to serve as the regional energy and trade corridor because of its geo strategic location. An oil refinery which will refine 300,000 barrel oil per day, being set up near Gwadar by a company of Abu Dhabi, will facilitate oil export in the region, the Prime Minister added.
He said Pakistan being a growing economy with expanding markets has immense investment opportunities. The government, the Prime Minister said is facilitating investments and a level playing field has been provided to the local and foreign investors.
He said transparency is the hallmark of the government’s policies, which has restored the confidence of the investors and record high investments are flowing into Pakistan from all parts of the world.
Badar N. Al Khasti, Chairman of the Board of Kuwait Petroleum said his company which is operating in fifteen countries of the world in oil and gas exploration sector has long term plans for doing business in Pakistan and is working on projects to invest in Pakistan.
Zoltan Aldott, Chief Executive Exploration and Production, MOL, Hungary said that MOL which is the leading oil exploration company of Hungary finds the investment climate in Pakistan as conducive and desires to expand their business in Pakistan. The meeting was attended among others by Minister for Privatization, Zahid Hamid, Minister for Petroleum and Natural Resources, Amanullah Khan Jadoon and senior officials.
Prime Minister Shaukat Aziz has said the energy demands of the country are growing by 10-12% annually and the government is working to harness the huge potential of the country in oil and gas exploration sectors to maintain the momentum of high growth.
The Prime Minister said as result of the high growth momentum and improvement in the living standards there is surge in demand in the energy sector in Pakistan. The government, the Prime Minister said is working to enhance the country’s indigenous capacity and also looking into possibilities to import energy from other countries.
The Prime Minister said Pakistan is in an ideal position to serve as the regional energy and trade corridor because of its geo strategic location. An oil refinery, which will refine 300 thousand barrel oil per day, being set up near Gwadar by a company of Abu Dhabi Company will facilitate oil export in the region, the Prime Minister added.
The Prime Minister said Pakistan being a growing economy with expanding markets has immense investment opportunities. The government, the Prime Minister said is facilitating investments and a level playing field has been provided to the local and foreign investors.—Agencies