Federal Minister for Petroleum and Natural Resources, Amanullah Khan Jadoon has said that economic development of South Asian region depends upon undisrupted supply of oil and gas at reasonable price. He also stressed on intra-region and inter-region cooperation to achieve a win-win situation for all stakeholders.
Addressing the 2nd Asian Ministerial Energy Round Table Meeting here, the minister said that the energy leaders of Asia must realise the need for effective cooperation between the oil and gas producing and consuming countries to ensure provision of adequate supply of energy at affordable cost for their fast growing economies.
He said that Pakistan's current energy needs were about 60 million tonnes of oil equivalent per year, which would grow to 360 million tonnes in the next 25 years as a result of fast GDP growth rate at 7 percent per annum.
He said that in order to ensure energy supply security, the government was pursuing policies of increasing of domestic supplies, attracting foreign investment, diversifying imports to include natural gas, coal and electricity, encouraging economic inter-fuel, substitution, promoting energy efficiency and renewable energy and supporting regional cooperation.
On the occasion he emphasised that Pakistan is an ideal location for foreign private investment in the upstream and downstream hydro-carbon sectors in a de-regulated, transparent and level playing field to all. He said that a new deep seaport at Gwadar in the Arabian Sea had recently been completed to provide opportunities in oil refining, transit and trade of hydro-carbons.
The Minister said that fossil fuels would continue to be the major source of energy supply in the foreseeable future besides oil, natural gas was fast becoming and internationally traded commodity as LNG, piped gas and CNG.
He hoped that meeting of Asian Energy Ministers would evolve strategy for developing greater regional and international cooperation in the energy sector with the principal aim of sustainable economic growth of Asian countries.
In the opening session Japanese Minister for Economy Trade and Industry, Akira Amari and Saudi Minister for Petroleum and Mineral Resources, Ali Al Naimi addressed the august gathering of Asian Energy Ministers and highlighted the importance of Energy Ministers Round table.
The conference is being attended by the Oil Minister from Iran, China, South Korea, Kuwait, UAE, Thailand, Qatar, Iraq, Oman, Pakistan, Bahrain, Brunei, Indonesia, Philippines and Secretary General of Opec.-PR
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