Sunday, May 19, 2024

Pakistan’s Refinery Sector to have $10 Billion Investment Very Soon, Petroleum Minister

During a ceremony, Minister Malik announced that Prime Minister Shehbaz Sharif would soon inaugurate a significant $10 billion investment, but specific details could not be disclosed at the moment. This announcement follows the approval of a new refinery policy by the current government, aimed at encouraging new investments in the greenfield sector.

Malik emphasized the importance of achieving sustainable GDP growth of 5% for Pakistan’s growing population, stating that an annual growth rate of 7.5-10% in the energy sector is necessary to reach this goal.

The minister also mentioned plans to establish a comprehensive energy agreement with countries such as Central Asian states and Russia. He highlighted the intention to utilize Pakistan’s historical ties with GCC countries to develop trade and commerce, particularly in meeting energy needs like LNG and petroleum products.

Additionally, the government aims to create energy corridors with both Central Asia and the GCC countries. Malik expressed optimism that these initiatives, including the purchase of crude oil from Russia, would bring affordable energy and promote industrial growth in the country.

The minister emphasized Pakistan’s potential as a nation with the necessary infrastructure, labor force, and technology to attract industries and facilitate value addition.

Related Articles

Latest Articles