KARACHI, Aug 26: Prime Minister’s adviser on finance Dr Salman Shah on Friday said efforts were being made to attract maximum investment from Oman and the Middle East in the private sector and for the development of infrastructure of industrial estates in Pakistan.

He stated this while talking to reporters after a presentation given by Pak-Oman Investment Company Limited. About inflation, the adviser said that petrol price was a phenomenon and the government was pursuing a multifaceted strategy in which imports would be reduced and possible consumption of petrol would be replaced with gas in power generation.

He stressed the need of more exploration for the purpose, and said Prime Minister Shaukat Aziz had directed the Oil and Gas Development Corporation (OGDC) to explore more oil and gas reserves. There are huge reserves of coal in Sindh that should be used to further accelerate the power generation, he added.

Mr Shah said the government was working on all these aspects to minimize the impact on prices.

In reply to a question about the National Finance Commission award, the adviser said President Pervez Musharraf, after a final discussion on the issue, would take a decision after the local body elections.

Speaking on the occasion, Pak-Oman Investment Company Limited president Zafar Iqbal pointed out that a $100 million investment had been indicated in oil and gas and telecommunication sectors during the last six months.

Two financial companies of Oman are interested in the establishment of microfinance bank, he added.—APP