'Pakistan Oil and Gas Promotion Conference' was held in Beijing on Friday to showcase the country's abundant hydrocarbon potential to Chinese investors. The event was jointly arranged by the China Overseas Investment Union and Pakistan's Embassy in Beijing, according to a message received from Pakistan Embassy in Beijing.
Pakistan Ambassador to China Masood Khalid drew the attention of Chinese potential investors who had participated in a large number to the plentiful potential and opportunities on offer in exploration and production of huge reserves of coal, shale gas, minerals and oil in Pakistan.
He said that oil and gas sector of Pakistan had developed considerably in recent years. There was a liberal investment regime for foreign investors. Equal treatment was given to local and foreign investors. Foreign equity was allowed upto 100 percent. Remittance of royalty, dividends, capital and profits was allowed and foreign investment was fully protected, he explained.
The Ambassador said the success rate of oil and gas discovery in the Pakistan was encouraging, inviting the Chinese companies to explore and establish joint ventures with local petroleum companies. Many foreign companies had benefited from the enabling environment for the prospective investor, he pointed out. He also highlighted the ideal location of Pakistan for trans-regional trade and investment due to its unique geography, saying it provided the cheapest and most viable sea route from Western China to Central Asia, Middle East and Africa.
Pakistan was therefore naturally positioned to serve as an Energy and Trade Corridor for China, he emphasised, adding the port of Gwadar was the node for transportation of goods and energy supply to and from China. He said the deep sea port once fully developed and operational could not only meet urgent energy needs of China but would do that in the most efficient way, adding that setting up of an oil terminal and a refinery was also on the cards in addition to establishing primary infrastructure in Gwadar. Executive Director of China Overseas Investment Union Zheng Shuai also spoke on the occasion saying that given the incentives, he was hopeful that more Chinese companies of oil and gas would venture into Pakistan's hydrocarbon sector.