Prime Minister of Pakistan Shahid Khaqan Abbasi believes that the energy market in Pakistan is in its growing stages and foreign companies can invest in this sector to reap fruitful returns.
Speaking at the Annual Technical Conference of Oil and Gas, the PM said that the government is exploring new ways to generate energy and has added coal, renewable energy, and Liquefied Natural Gas (LNG) in order to diversify its energy mix portfolio. Pakistan is currently importing LNG which will reach 9 million tons by December this year and 20 million in the next three years.
The Premier said that the foreign companies participating in the conference would be keen to invest in Pakistan in partnership so that the energy shortages in the country can be significantly reduced. Shahid Khaqan Abbasi also said that the improved law and order situation in the country over the last 4-5 years would also help companies to explore new areas in the country that were previously inaccessible due to safety issues.
During the Fiscal year 2016-17, Pakistan achieved economic growth of 5.3% due to which energy demand increased in the country. The government is now looking to overcome these economic challenges. Abbasi said that they still need to do a lot in order to meet energy demands despite discovering more than 100 hydrocarbon over the last four years.
PML-N led government has been trying to end load shedding in the country with State Minister for Power Abid Sher Ali saying that they will make Pakistan load shedding free before the end of their tenure. A lot of energy projects are also under the pipeline in the China-Pakistan Economic Corridor (CPEC).
More than 1,500 local and foreign oil and gas experts along with 35 exhibitors took part in the conference that was organized by the Society of Petroleum Engineers and Pakistan Association of Petroleum Geoscientists.