Pakistani oil sector attracts $ 46 mm investment

Petroleum Minister Chaudhry Nouraiz Shakoor said that the Pakistani government attracted $ 46 mm investment in oil and gas by granting 10 petroleum concession licenses' to foreign exploration companies during the last six months.
The performance of the current government has been very encouraging in the petroleum sector owing to its far-reaching and investor friendly policies during the last six months, he said. The international financial institutions and donor agencies, he added, also acknowledged these policies.

During the last six months, 10 petroleum concession agreements for oil and gas exploration were made which fetched investments of $ 46 mm. Nouraiz Shakoor said prices of petroleum products in the country registered 22 % decrease in wake of the downward trend of petroleum prices in the international market during the period from November 2002 to May 15, 2003.
He said that these prices recorded seven times decrease and as many times increase during this period. The petroleum prices have been reduced for the fourth time in two months following the downward trend in oil prices in the international market to benefit domestic consumers which is a welcome trend, he added.

The minister said; that the government successfully coped with oil crisis in the world market and situation in Iraq and ensured an uninterrupted supply to consumers in the country.
"As committed by the government, the benefits of any downward prices of petroleum products in the international market would immediately be passed on to the consumers here," he added. Nouraiz Shakoor said more incentives would be offered to enhance local and foreign investment in oil, gas and mineral sector besides strengthening the country's economy.

The investors will be provided a congenial atmosphere so that they could participate in the projects of their choice, he added. He hoped this step would help increase both exploration and production activities in oil and gas sector besides it will be beneficial for development and progress of the people of area.
The privatisation process of government's units in the oil and gas sector is going ahead according to the programme, he said and added, several international companies have shown keen interest in this regard. The minister said preparations for the start of work on regional gas pipeline projects have considerably increase during in the last six months and expressed the confidence that work on these projects would start before the schedule time.