KARACHI, May 18: Privatization and Investment Minister Dr Abdul Hafeez Shaikh said on Wednesday that Russia could enter into joint venture with Pakistani companies in the field of oil and gas exploration which held excellent opportunity and prospects.

Speaking at the inaugural ceremony of the 3rd Pakistan’s oil, gas and energy exhibition and conference, POGEE 2005, at the Karachi Expo Centre, the minister said there was immense investment opportunity in oil and gas exploration in the country.

Talking about economic prosperity and development of the country, Dr Hafeez said the private sector had to play a pivotal role for bring about a sea change in standard of living and providing jobs to masses at all levels.

For this reason, the minister said, the government was committed to the privatization of state-owned entities and it had already worked out plans to even privatize such entities like NRL, PSO, SSGS and SNGPL along with other public sector companies.

He said the hard work of several years had now started to pay off together with the achievement of 8.7 per cent overall growth rate in the economy. Dr Hafeez said that fairs and exhibitions played a vital role in the promotion and exploration of potential of an industry and POGEE was contributing a lot in the oil and gas sector of the country.

He further said that such interactive platforms acted as catalysts in resolving industry-related issues because they provided opportunity and platform to all the stakeholders to interact and know each other which ultimately shaped up in joint ventures and cooperation.

Speaking on the occasion, Russian Federation Consul General Vladimir P. Mikhaylov said that Pakistan was making all round progress on political and as well as economically. He said a lot of foreign investment was flowing in and the city of Karachi was the foremost in this respect.

“This could be verified from the fact that more and more Russian companies are coming every year to participate in this exhibition and evaluate investment prospects in Pakistan. Even in this exhibition the participation from Russia is the largest,” he pointed out.

Mr Mikhaylov said that Russia was ready to promote investment as well as peace and stability in the region and put special emphasis on regional countries — Iran, Pakistan and India — and cooperate in the lying of gas pipeline.

Aasim A. Siddiqui of Pegasus Consultancy said POGEE had shown a tremendous growth within a short span of three years and had attracted participation of more than 153 companies from 28 countries of the world.

Besides the exhibition, a two-day conference is also being held on May 19-20, where 27 eminent speakers from local and international energy industries will address and impart on the latest developments on this sector.

The four-day exhibition is expected to result in trade deals and joint ventures between the government and private sector organizations participating in the event.