Pakistan: Pakistan’s Minister for Petroleum Musadik Masood Malik, said on Wednesday that his country would increase the production of indigenous petroleum products to reduce import bills.
“Pakistan currently spends over 18 billion U.S. dollars annually on energy imports. The country is expediting oil and gas exploration within the country,” the minister said while addressing an energy symposium here.
Highlighting that the country is actively trying to attract global players in exploration activities, Malik said that Pakistan is open for business and committed to completely digitizing the regulatory process to increase transparency.
“Investment processes and information regarding oil and gas exploration have been digitized and simplified to facilitate this. We welcome foreign companies to invest in this sector,” he added.
Talking about the surging cost of energy prices in the country, the minister underlined that the government is committed to ensuring an uninterrupted and affordable energy supply, saying it is a top priority.
“To reduce electricity tariffs, various proposals are being implemented. By supplying local gas to efficient power plants, the cost of electricity could be reduced as compared to imported LNG,” he said, adding that modern systems, including comprehensive monitoring of the gas network using technology, are being used to combat urban gas losses.
The minister also called for increased utilization of Pakistan’s abundant renewable energy resources, especially as the country’s solar energy costs have significantly decreased.
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