Govt vows to boost energy security, attract investment in petroleum sector -

Federal Minister for Petroleum Ali Pervaiz Malik has said the government is taking steps to strengthen energy security, attract investment and improve transparency in Pakistan’s petroleum sector.

Addressing a press conference on Sunday, he said the country’s next major priority after recent strategic and diplomatic successes was sustainable economic growth.

The minister highlighted Pakistan’s heavy dependence on imported energy, saying around 90 per cent of the country’s energy needs were met through imports. Domestic oil production stood at nearly 70,000 barrels per day against demand of around 500,000 barrels, underscoring the need to accelerate indigenous oil and gas exploration.

He said the prime minister and field marshal had tasked a leading international company with preparing a comprehensive roadmap for the energy sector. The plan would be presented to the national leadership in the coming months, he added.

Ali Pervaiz Malik said the federal cabinet had approved the refinery policy and that the government was working to resolve long-standing financial issues in the petroleum sector. He claimed the flow of circular debt had been halted and efforts were underway to clear outstanding liabilities inherited from previous administrations.

He also announced that Turkiye’s Turkish Petroleum would soon begin offshore drilling operations in Pakistan’s territorial waters, potentially opening new avenues for foreign investment. LPG tenders would open on Monday, while arrangements had also been made to issue new gas connections to consumers.

The minister said the Iran-US conflict had created major challenges for global energy markets and pushed crude oil and petroleum product prices higher. Despite the pressures, he said the government ensured uninterrupted fuel supplies and worked to protect consumers from the full impact of rising international prices.

He added that Prime Minister Shehbaz Sharif had introduced a transparent petroleum pricing mechanism, with pricing calculations available on the Oil and Gas Regulatory Authority (OGRA) website. The minister said recent economic decisions had helped stabilize the economy and shifted the focus from default concerns towards economic growth. – ERMD

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