‘Govt providing incentives for oil, gas exploration’
ISLAMABAD, May 31: The government is giving attractive incentives to investors for off-shore and on-shore oil and gas exploration, Petroleum and Natural Resources Minister Amanullah Khan Jadoon said on Tuesday. During a meeting with prominent Saudi investor and Attock Group of Companies Chairman Dr Ghaith R. Pharaon, the minister said the government was according high priority to the speedy development of the oil and gas sector.
The meeting focussed on ways to promote bilateral cooperation and the minister briefed the Saudi business leader about the ongoing projects, proposals under consideration for laying gas pipelines and work on updating oil refineries. Mr Jadoon lauded the contribution of the Saudi Attock Group to the growth of oil and gas industry in Pakistan and invited them to broaden their participation by setting up a coastal refinery and investing in exploration.
Attock Petroleum Chairman Shoaib Anwar Malik informed the minister that the company had already acquired three more exploratory blocs in different parts of the country and planned to expand the process. Dr Ghaith discussed with the minister the proposed pipeline from Rawalpindi to Peshawar and setting up of a power plant. Both the projects involved a total cost of $170 million. He thanked the government for extending full cooperation to the Saudi group, which he said would continue to augment its activities to mutual advantage. —APP
