ISLAMABAD, Sept 25: Canadian company Cathy Oil and Gas Ltd has announced its intention to invest US $5 billion in oil and gas exploration, development production and commercialisation in Pakistan.

A memorandum of understanding was signed by Pakistan and the company at an event held at Hotel Roosevelt on Monday.

Pakistan Ambassador Mahmood Ali Durrani and the representative of the Canadian oil company signed the deal. President Musharraf and federal ministers were present on the occasion.

The agreement envisages an initial investment of US $2.05 billion while the company would make an investment of about US $5 billion in the field.

—Online

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