October 24, 2003	Friday	Sha’aban 27, 1424

ISLAMABAD, Oct 23: The government’s petroleum policy is designed to encourage investment in the petroleum and gas exploration as well as downstream oil marketing activities.

This was stated by Finance Minister Shaukat Aziz while talking to a delegation of OMV Petroleum Company of Austria comprising Wolfgang Ruttenstorfer, chairman board and chief executive officer; David C. Davies and Helmut Langanger, members of board of directors; and Dr Ladwein Werner, general manager, OMV Pakistan, who called on him here on Thursday.

The minister briefed the delegation about the economic reforms and highlighted that the present economic environment was most conducive for investment both foreign and local.

The finance minister appreciated the efforts of OMV in exploration and development of gas fields. He said further investment in exploration and development in the petroleum and gas sector was necessary as with the increasing economic growth and development demand for gas and oil would increase.

The OMV chairman informed the minister of his company’s keen interest in furthering their investment and presence in Pakistan and that their experience in Pakistan had been highly satisfactory.

Meanwhile, Privatization and Investment Minister Dr Hafeez Shaikh in his meeting with the OMV delegation said that Pakistan offered full range options to the investors through its ambitious privatization programme with a level-playing field in all sectors.

The minister said the government was in the process of strategic sale of Oil and Gas Company Limited and Pakistan Petroleum Limited, besides divestment of their shares through the capital market.

“We are also trying to unbundle the transmission and distribution systems of our two gas companies — SSGC and SNGPL — prior to their privatization.”

The minister invited the Austrian company to explore the opportunities being extended in both the upstream and downstream activities in the oil and gas sector for increasing their presence and interest in Pakistan.

The OMV chief appreciated the continuity of the policies, stable economic environment and improved investment climate and said that the economic growth was providing extensive opportunities to the investors. OMV CEO further expressed keen interest in the privatisation process with a focus on upstream transaction like OGDCL and PPL.—APP