I congratulate MOL on inaugural ceremony of Manzalai CPF in Karak. The oil and gas sector has a considerable impact on the economy of our country. The sector has attracted by far the highest level of foreign direct investments in the country, and raises significant tax income for the government.
Our country is facing huge power shortfall which is affecting the common consumer and industrial sector at large. To keep the economic cycle moving in better direction, it is the need of time to have more foreign investment in the power sector. This foreign investment will enhance due to the positive incentives that have been introduced in the new petroleum policy. The 2009 policy redefines the previous policies to accommodate new market conditions, particularly the steep rise in international energy prices. It provides procedural and price incentives for exploitation of natural petroleum resources and envisions the development of local firms and human resource augmented with increased foreign investment.
The policy proposes competitive terms of investment for foreign firms and incentives to encourage participation of local oil and gas companies. Once again I appreciate the success of MOL in setting trends for foreign sector to participate in the field of fuel generation through exploration and production activities.
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