ISLAMABAD: Minister of State for Petroleum Dr Musadik Malik on Friday said that Prime Minister Shehbaz Sharif had announced the establishment of an oil refinery with a cost between $10 and $14 billion.

In a press conference, Malik said the federal government had been focusing on a new energy policy which would focus on new energy resources from LPG, LNG, and solar.

The policy would also promote energy conservation to ensure sustainable development, he added.

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The minister further stressed the new policy would end the monopolistic tactics of a few oil marketing companies that had been exploiting consumers by charging exorbitant prices than the recommended government policy.

This would also encourage a competitive environment among companies, which would lead to affordable prices for consumers.

Landlords and building owners would also no longer be able to exploit tenants by forcing them to pay high energy bills for privately supplied energy resources.

The government, he said, had made it possible to obtain oil from Russia at discounted prices, unlike the previous government which had failed to do so.

He also advised that people should adopt an energy conservation culture not just for themselves, but also for future generations. The minister said the new refinery would create new jobs and reduce Pakistan’s dependence on imported fuel.

It will also help boost the country’s economy by increasing energy production and reducing the cost of production for industries, he added.

Copyright Business Recorder, 2023