LAHORE (Lord Media): Federal Minister for Petroleum, Ali Pervaiz Malik, announced that 5 billion U.S. dollars worth of investment agreements are expected to commence next month. The minister stated that following changes in the refinery policy, agreements will be made for the upgrading of oil refineries, modernizing the country’s refineries.
Ali Pervaiz Malik highlighted that these investment agreements will be practical, aiding in the increase of petroleum products’ production, including diesel. He further mentioned that Pakistan imports approximately 90% of its oil, making the economy susceptible to global price fluctuations.
The minister noted that Pakistan’s current refineries are outdated, necessitating billions of dollars in investment to modernize them. He also revealed that the government is resuming offshore oil and gas exploration after two decades.
A Turkish company, Turkish Petroleum, will bring its ship to survey Pakistan’s maritime waters, with both countries set to commence offshore drilling, likely in September or October.
Ali Pervaiz also mentioned that the gas sector’s circular debt exceeds 1500 billion rupees, but the government has curbed its increase. Work is ongoing with the IMF to resolve the dues.
