ISLAMABAD - Minister for Energy Omar Ayub Khan Thursday highlighted investment potential that existed in energy sector of Pakistan and shared the government policy to extend maximum facilities to investors in diverse fields of the country.
Addressing the LNG Producer-Consumer Conference in Tokyo, Japan, he said Pakistan, under the leadership of Prime Minister Khan, was committed to encourage investors in the energy sector and ensure “availability and security of sustainable supply of oil and gas to boost economic development besides fulfillment of strategic requirement of the country.”
He emphasized that Pakistan’s multi-billion dollar energy industry had tremendous investment opportunities for local and foreign investors.
He said Pakistan was focused on improving the Ease of Doing Business to encourage foreign investors in initiating new projects and expand their operations there.
Giving details on Pakistan’s current energy situation, the minister informed the conference that oil and gas including Liquefied Natural Gas (LNG) was the major components constituting 75 percent of the energy supplies.
In order to mitigate energy shortages and meet the requirement, he said, various steps had been taken by the government for the development of LNG sector.
The measures included “building of two LNG terminals to receive and regasify 1.2 Billion Cubic Feet per Day (BCFD), permission to private sector for setting up five more LNG terminals, third party access rules and network codes have been developed to provide access in the National Gas Transmission pipeline system to the private sector investors and consumers, laying of 42” dia 1,100 kms long RLNG pipeline , establishment of four state of the art RLNG based power plants including three which are already operational.”
The minister said currently Pakistan had an installed capacity of 1400 megawatt electricity of renewable energy mix which “we target to increase up to 18,000 MWs by 2030.”
The conference, organized by the Japanese Ministry of Economy, Trade and Industry, was attended among others by Ministers from various countries, industry leaders, professionals and experts belonging to the energy sectors worldwide. Ambassador of Pakistan to Japan Imtiaz Ahmad accompanied the minister in the conference.
Meanwhile, Federal Minister for Energy Omar Ayub Khan met with Minster of State for Energy Affairs of the State of Qatar Saad Sherida Al Kaabi on the sidelines of LNG Conference in Tokyo. He apprised his Qatari counterpart on the progress in the existing cooperation regarding import of LNG from Qatar under government to government agreement and the future prospects for Qatari investment in energy related infrastructure in Pakistan, said a press release received here from Tokyo (Japan).
Omar Ayub Khan also met Isshu Sugawara, Japanese Minister for Economy, Trade and Industry (METI). He apprised him of investment friendly policies of the government and the tremendous potential and opportunities Pakistan offer particularly in the power, oil and gas sectors. He said that being one of the largest emerging markets in the world, Pakistan would like more Japanese companies to take full advantage of the economic opportunities Pakistan offers.
He added that Pakistan has established two LNG terminals and permitted private sector to setup five more. Minister Sugawara appreciated the economic reforms being undertaken by Pakistan government and hoped that more Japanese companies would take advantage of the upcoming business and investment opportunities.
The minister extended Pakistan’s full support in the endeavors of Japanese government for promoting the use of Hydrogen Energy and recycling of CO2 in the light of the Tokyo statement.
A delegation from Mitsubishi Corporation Japan headed by Akihiko Takada, Division COO, Natural Gas Division assisted by Kosuke Makino, Chief Executive Mitsubishi Corporation Pakistan also called on the minister and briefed him on their ongoing projects in Pakistan as well as their future plans particularly in the energy sector. The minister assured that Pakistan was open for business to the Japanese companies and the present government was committed to facilitating foreign investors in every possible way.