ISLAMABAD, July 24: Leader of a five-member Chinese delegation and adviser of DAQUING International (Daquing Oil Group), Lu Jing said here on Thursday that Chinese investors were eager to invest and cooperate in the development of Pakistan.
The delegation currently on a visit to evaluate prospective opportunities for investment in the oil and gas sector, held a meeting with Privatization Commission secretary Ahmad Waqar.
The members of the delegation expressed keen interest in Pakistan’s privatization programme. The Chinese delegation includes experts from upstream, downstream and marketing areas of oil and gas sector.
Briefing the delegation about the opportunities in the privatization programme, Mr Waqar highlighted the openings in the oil and gas sector. “We welcome the Chinese investors in all fields, particularly in the oil and gas sector.”
He informed the delegation that the privatization process of state-owned Pakistan State Oil was at final stages, while two upstream companies — Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) — were among the entities being privatized.
Two major transmission and distribution companies in the gas sector — Sui Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company (SSGC) — would also come on line for the privatization by next year, he added. He further stated that National Refinery Limited had also been included in the privatization programme through the sale of 51 per cent equity with the transfer of management control.
The government had improved the enabling environment through restoring investors confidence via macroeconomic stabilization, continuity of economic, deregulation and investment policies and putting in place effective regulatory regimes for all sectors to provide level-playing field for the investors from around the world, he said.
Mr Waqar further said that a number of multinational exploration and production (E&P) companies were active in Pakistan. Combination of potentially significant growth in energy demand, continuing deregulation and recent large gas discoveries had made Pakistan investment-friendly for E&P companies, he observed.
APP adds: Meanwhile, the Chinese delegation also met Petroleum Ministry secretary M. Abdullah Yousaf and discussed the possibilities of Chinese investment in the oil and gas sector in Pakistan.
The secretary briefed the delegation about oil and gas exploration activities as well as the ongoing and future projects in the sector.
He said there existed tremendous opportunities for the Chinese investors to invest in construction of gas storage, pipelines, oil refineries, on-shore and off-shore oil and gas exploration.
The Chinese delegation showed interest in upgradation of oil fields, refineries and oil and gas services sector.