ISLAMABAD, Dec 5: Minister for Petroleum and Natural Resources, Usman Aminuddin said on Wednesday oil and gas sector offered a host of investment opportunities and widespread potential for the foreign investors, and Pakistan would welcome Chinese participation in exploration activities.

He was talking to a seven-member delegation from Chinese National Oil and Gas Exploration and Development Corporation (NOCDEC) headed by its Vice President Madam Wang Shali.

They discussed matters pertaining to investment opportunities in Pakistan’s oil and Gas sector.

Welcoming the delegation, Usman Aminuddin briefed them about the upstream and downstream oil and gas development activities, upgradation of refineries and privatization of the state-owned petroleum entities.

He said Pakistan had recently introduced a package of incentives and fiscal terms for offshore and onshore oil and gas exploration to attract new investment.

The minister said that oil and gas exploration had witnessed substantial foreign investment during the last two years that reflected the conducive climate Pakistan offered and investors confidence here.

He expressed the hope that during this visit, the Chinese delegation would acquaint themselves with the potential of and take advantage of the investment opportunities that existed in Pakistan’s oil and gas sector.

The Vice President of NOCDEC, Madam Wang Shali on this occasion said that Pakistan was known for its huge hydrocarbon reserves and vast potential for investment in the oil and gas sector.

She evinced keen interest in the oil and gas exploration activities and participation in the privatization programme.

Secretary Petroleum & Natural Resources, M. Abdullah Yusuf, Sr. Joint Secretary, Jehangir Bashar, Directors General, Oil, Gas & PC were also present during the meeting.

The Chinese delegation, which arrived here early Wednesday morning on a two-week visit, would also hold talks with the officials of Board of Investment, Privatization Commission besides visiting oil and gas fields and the state-owned petroleum companies at Lahore and Karachi.—APP