The President of Global Refining, Chevron Corporation of USA Jeet S. Bindra along with a delegation called on the Federal Minister for Petroleum and Natural Resources Amanullah Khan Jadoon and discussed with him investment opportunities in the oil and gas sector.
Welcoming the Chevron delegation, the Minister said that there existed a lot of opportunities for the investors in setting up oil refineries, LNG terminals gas storages and exploration activities.
The minister said that the government was planning to enhance the existing refining capacity from 6.0 million tons to 12.0 million tons and it would welcome Chevron investment in refineries and other oil & gas projects.
He said that the Government would encourage and facilitate the investors and provide them all-out co-operation in this regard.
Jadoon said that the government was taking concrete steps for the utilisation of untapped hydrocarbon resources to meet the growing energy needs of the country.
The minister informed that as a result of deregulation and liberalisation of the petroleum sector a competitive environment with vast vistas has been opened up for investors who could participate in the oil and gas projects of their choice individually or with joint ventures.
The President of Chevron Corporation greatly appreciated the speedy growth of Pakistan's petroleum sector in last few years and attractive package of incentives being provided to the investors.
He said that Chevron delegation is visiting Pakistan to explore the investment opportunities in the petroleum sector and privatisation of state owned units.
Secretary Petroleum Ahmed Waqar, President Chevron Global Marketing Shariq Yousafzai, and representatives of Caltex Oil Company were also present during the meeting.-PR