I am happy to learn that the Jamshoro Joint Venture Limited (JJVL) has achieved financial close and will start production of Liquefied Petroleum Gas in the near future.
The completion of US$ 31 Million projects receives about 200 million cubic feet gas per day as it's Liquid Handling Facility (LHF) at Jamshoro from Badin Concession.
The project awarded through international contract processes gas for Extraction of liquids (Propane and Butane) to produce LPG.
The processed gas is repressurized and pumped back into the Sui Southern Gas Company system. JJVL would pay over US$ 5 Million as annually royalty to SSGC.
It would extract 99.4 percent available propane in the gas stream. It would produce about 450 metric tones of LPG per day and add approximately 50% to the country's LPG production. JJVL would create 3000 upstream and down stream jobs.
It has been the endeavour of the government to provide conducive atmosphere to the private sector to play its role in the development of the country.
The government's policy of deregulation, especially oil and gas sector had a positive impact in promoting investment.
The Deregulation has brought many players in the market in the field of oil exploration, production and marketing of consumer products, providing a variety to end users.
This healthy competition in turn has improved quality of petroleum products, stabilised their prices and have offered state-of-the-art services to the end users.
The policy has also resulted in exploring alternate energy sources to provide cost effective products to the people.
The Jamshoro Joint Venture Limited is therefore a step in the right direction. It's commissioning would attract more players in increasing production of LPG and also to tap export potentials.
The government on its part is committed to provide even more conducive atmosphere to the investors through continued improvement in its economic performance.
The stable currency, low inflation, improved international credit rating, early retirement of expensive debts and gross foreign exchange reserves of US$ 12.5 billion enabled Pakistan to launch Eurobonds to make a mark as an emerging economy on the international economic radar screen.
The launching of Eurobonds will have a salutary effect on Pakistan's economic performance and would further improve its credit rating.
However, we cannot be complacent, a lot more needs to be done. The reform agenda has to continue, Pakistan has to stay the course.
Our endeavour therefore is to encourage private sector and international development partners to play their role in generating economic activity, improve growth rate to increase employment opportunities and share fruits of economic stability with the people of Pakistan.
In the end, I congratulate Mr. Iqbal Z. Ahmed, Chairman Jamshoro Joint Venture Limited for achieving Financial Close of his company and hope that it would continue to diversify investment to create even more employment opportunities for the people.