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Pakistan's Energy Needs Increasing By 10-12 Per Cent Per Annum - PM

Posted on: Friday, 10 March 2006, 15:00 CST

Text of report by Associated Press of Pakistan (APP) news agency

Islamabad, 10 March: Underlining the vital link between energy sources and the momentum of growth, Prime Minister Shaukat Aziz said, Friday [10 March], Pakistan's energy needs are increasing by 10-12 per cent per annum.

The government is trying to increase the energy capacity of the country both by developing the indigenous resources and increasing import, he said while talking to Tony Hayward, CEO [chief executive officer] of British Petroleum, who called on him here at the PM House.

Prime Minister Aziz said the government's policies of privatization, deregulation and liberalization coupled with consistency in government's policies and transparency in transactions and a level playing field provided to the businessmen, have made Pakistan an attractive place for investors and investments today are all times high in the country.

He said negotiations are going on about Iran-Pakistan- India as well as the Turkmenistan-Afghanistan-Pakistan gas pipeline projects and we are hopeful about the outcome of the talks.

"We are trying to energize growth and are versifying the sources of energy to increase capacity," said the prime minister.

The prime minister said there is huge potential in the onshore and offshore exploration besides privatization of the state owned oil and gas units.

He asked the British Petroleum to avail the opportunities offered by Pakistan and to look into the possibilities to enter into jointly ventures with the public sector companies like OGDCL [Oil and Gas Development Co Ltd] and PPL [Pakistan Petroleum Ltd] for the exploration and production in Pakistan.

The prime minister also asked them to bring new technologies to develop the oil and gas sector to its true potential.

Tony Hayward appreciated the investment friendly policies of Pakistan and said his company would continue the promotion of oil and gas industry in Pakistan and has already submitted a bid for an offshore exploration block.

He further said British Petroleum was also interested to take part in the privatization activities in Pakistan. They also showed keenness in renewable energy areas such as solar energy, wind and bio-mass energy.

Source: BBC Monitoring South Asia

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