ISLAMABAD, June 1: Prime Minister Shaukat Aziz on Friday said there was huge potential for investment in the energy sector due to high growth, demand and good returns.

Talking to Dr. Ali Allawi, chairman Energy Pro-Gas Ltd at the PM House, he said energy demands were increasing at a rate of 10-12pc annually and the government has adopted a strategy to diversify its energy sources to bridge the gap between demand and supply to maintain the momentum of growth.

The prime minister said during 2006-07 the GDP grew at the rate of 7.02pc and the total size of economy reached $146.3 billion.

He said the per capita income has increased to $925 against $438 in 1998-1999, a growth of 111 per cent. The prime minister said the government was working to ensure equitable growth so that its benefits reach all sections of the society. He said high growth has resulted in the increase of energy demand and pointed at the sale of 6 million electric fans and other appliances this year that has created a surge in the demand of electricity.

He said the government was taking steps, both for increasing power generation and load management to meet the demand.

In the gas sector, the prime minister said, the government was working to increase indigenous capacity as well as encouraging import of natural gas in the form of LNG, CNG and pipeline gas.

He said the new LPG policy had a positive impact on the market. The deregulation of the sector and linking of LPG prices with international market resulted in stabilising its consumer prices and increase in the domestic production.—APP