Energy Minister, UAE envoy discuss on-going cooperation in petroleum sector

ISLAMABAD: Federal Minister for Energy Omar Ayub Khan met Hamad Obaid Ibrahim Salem Al-Zaabi, Ambassador of United Arab Emirates (UAE) in Pakistan in his office on Wednesday.

In the meeting, both discussed the on-going cooperation in the petroleum sector and explored the priority areas of mutual interest in the energy sector of Pakistan.

The Minister congratulated and lauded the Emirates for country's space mission to Mars "Amal or Hope'' and its successful entry into Mars' orbit.

The Ambassador thanked and extended his gratitude for Minister’s pleasant notion. He also expressed his interest to further investment in the energy sector of Pakistan.

He said that the collaboration in energy sector would provide an impetus to economic ties between brotherly countries.

Separately, Minister for Energy Omar Ayub Khan also met Mr Tomas Smetanka, Ambassador of Republic of Czech in Pakistan in his office on Wednesday. The Minister had a comprehensive discussion on outlook of energy sector and energy market here in Pakistan.

The Czech Ambassador explored the areas of mutual discussion in energy sector including investment in oil sector and business in LNG supply chain for group of Czech companies visiting Pakistan by end of March, 2021.

The Minister also highlighted the government's robust policies to revamp the petroleum and power sector of the country. He said the government is fully committed to diversify the outlook of energy market while making it more competitive and efficient.

The Minister briefed about the Indicative Generation Capacity Expansion Plan (IGCEP) 2030 which emphasised on increasing the share of indigenous sources on basis of amount, time and location while reducing the reliance on imported fuel.

He highlighted that IGCEP would forge additional renewable capacity i.e 60% power generation from biomass, solar & wind; 30% from hydel, 10% each from thermal and nuclear power plants.

The Minister also dilated upon the Exploration and Production activities in Pakistan and said that recently government has carried out the bidding of 15 oil and gas blocks and minimum investment in these Blocks would be over USD 71 million in three years, additionally, the development programs worth of hundred million dollars would be extended by E&P companies in located areas.

He said the government would be offering more new oil and gas blocks by end of this year and it is a part of strategy of the incumbent government to revive E&P activities in the country which had been ignored by previous governments.

He further said that the Government also aimed at self-sufficiency in oil & gas and harnessing maximum potential of energy resources in country by introducing ease-of-doing-business and transparency to ensure a level-playing field for all competitors in energy sector.

The Ambassador voiced a hope that the Czech companies would have valuable input from Pakistani counterparts and would find best opportunities for investments and business in energy sector of Pakistan. He said it would strengthen the bilateral economic relations between the two countries.