ISLAMABAD, May 20: Petroleum Minister Nouraiz Shakoor on Tuesday said the government attracted $46 million investment in oil and gas by granting 10 petroleum concession licenses to foreign exploration companies during the last six months.

The performance of the present government has been very encouraging in the petroleum sector owing to its far-reaching and investor-friendly policies during the last six months, he said in a statement issued here.

Nouraiz Shakoor said prices of petroleum products registered 22 per cent decrease in wake of the downward trend of petroleum prices in the international market during the period from November 2002 to May 15, 2003. The petroleum prices have been reduced for the fourth time in two months to benefit domestic consumers, he added

The minister said the government successfully coped with oil crisis in the world market and situation in Iraq and ensured uninterrupted supply to consumers.

Mr Nouraiz said more incentives would be offered to enhance the local and foreign investment in oil, gas and mineral sector, besides strengthening the country’s economy.

The privatization process of the government’s units in the oil and gas sector is going ahead according to the programme, he said and added several international companies have shown keen interest in this sector.

The minister said preparations for the start of work on regional gas pipeline projects had considerably increased during the last six months and expressed the confidence that work on these projects would start before the schedule time.

Mr Nouraiz said that an additional 1,000 million cubic feet (mcf) of gas per day would be available after drilling of new wells by the end of this year. “It will help convert power plants being run on oil into gas saving $1.5 billion per annum,” he added.—APP