ISLAMABAD, Nov 27: Petroleum Minister Noraiz Shakoor on Wednesday said the present government would continue the investment-friendly policies to attract foreign investment in oil and gas sector.

While presiding a high-level briefing here, the minister said the country was spending precious foreign exchange of over $3 billion annually on the import of petroleum products.

“The present government would make all-out efforts to exploit the untapped oil and gas resources to reduce the heavy burden on economy and provide relief to the consumers,” he added.

The minister said far-reaching strategies would be chalked for the exploration of vast hydrocarbon resources to extract maximum benefits and put the economy on sound track.

Mr Noraiz said policies pursued by the previous government would continue. “The attractive package of incentives envisaged in the petroleum policy would continue to benefit the investors,” he added.

The minister called for making extra-ordinary efforts to give a boost to the oil and gas sector and in its exploration activities.

Secretary Petroleum Abdullah Yousaf briefed the minister about the ongoing projects and efforts to increase oil and gas production.

The secretary said that after the completion of these projects the government would be saving $700 million annually through import substitution.

The minister was also informed about the efforts to deregulate the sector to attract maximum investment.—APP