Chief Executive of Voestalpine Tubulars Company of Austria Hillka Witt called on the Minister for Petroleum and Natural Resources Amanullah Khan Jadoon here on Tuesday and discussed with him investment potential in the oil and gas exploration sector.
Welcoming the delegation, the minister said that the government would soon announce the new petroleum policy in which more incentives were to be offered to the investors for oil and gas exploration ad production in the onshore and offshore areas.
He said that opening of seventeen new blocks would give further impetus to the ongoing exploration activities in the country and would open tremendous opportunities for the prospective investors in diversified fields.
The minister said that the government has deregulated the petroleum sector and provided the investors a level played filed in a transparent, competitive ad business-friendly environment.
He said that the government would welcome the Austrian companies participation in the upcoming oil & gas development projects for the mutual advantage. Chief Executive of Austrian Company Hillka Witt briefed the minister about the profile and world-wide activities of her company in the field of manufacturing exploration equipment.
She said that her company intends to participate in oil & gas exploration and production activities in Pakistan. Secretary Petroleum, Ahmad Waqar, Director General (Petroleum Companies) Naeem Malik and Vice President of Voestalpine Walton Martan Witt were also present during the meeting.