ISLAMABAD, April 9: Investors from the UAE are exploring possibilities of investing in gas infrastructure for effective networking of gas transmission through pipeline from western borders of Pakistan within the country and beyond.

Trans Asia, a subsidiary of Al-Ghaurair Group of Companies, would sign on Saturday a memorandum of understanding (MoU) with Interstate Gas Company, a subsidiary of Sui Northern and Sui Southern gas companies.

Under the MoU, the UAE company would utilize its expertise in conducting an exhaustive feasibility study, outlining its financial viability to tap economic potentials of Pakistan.

Sheikh Abdullah bin Ahmed Al-Ghaurair, chairman of Al-Ghaurair Group of Companies, met with Finance Minister Shaukat Aziz on Friday to discuss his group's desire to make further investment in Pakistan. At present Al-Ghaurair Group of Companies is engaged in construction of 125 mw gas-fired power station at Mari.

It was also actively considering constructing a coastal refinery at Gwadar, and exploring opportunities for investing in oil, real estate and financial sectors. The finance minister stated that as a result of financial and structural reforms, the financial sector has emerged as one of the most potential attractive sectors in the country.

It offers attractive opportunities for foreign investment, and Pakistan would encourage more investment in this sector. Mr Al-Ghaurair appreciated Pakistan's economic reforms and hoped that in collaboration with the UAE government, the country would achieve an enviable economic position in promoting business and trade relations between the Gulf, the Middle East and East Asia.

Meanwhile, during his meeting with President Pervez Musharraf, Mr Al-Ghaurair has appreciated the business-friendly policies of the Pakistan government and expressed its willingness to invest in the country, a press release said.

The UAE businessman is currently in Pakistan for exploring investment opportunities in the country. The president appreciated the desire of the businessman and said that Pakistan offered an excellent investment environment in the region.

The president also assured him full support of the government in facilitating investment in different sectors. The Al-Ghaurair Group chief also held talks with Petroleum and Natural Resources Minister Nouraiz Shakoor.

The minister during the meeting told the UAE businessman that there existed a lot of potential and opportunities for the foreign investors in Pakistan's oil and gas sector. The minister invited the Al-Ghaurair/ETA Escon Group chairman to invest in oil refinery, coastal oil terminal, gas storages and regional gas pipeline projects.

Mr Shakoor said the government would facilitate the UAE investors in the oil and gas exploration, setting up of oil refinery, coastal oil terminal, gas storages, infrastructure development activities, privatization and regional gas pipeline projects. Mr Al-Ghaurair briefed the minister about his group's activities and evinced keen interest in the investment of oil refinery, gas storages.