US investors take interest in oil, gas exploration

Diplomat asks Pakistan to publicise benefits of new petroleum policy.


Our Correspondent January 30, 2013
Diplomat asks Pakistan to publicise benefits of new petroleum policy.

LAHORE:


US investors are taking a keen interest in oil and gas exploration in Pakistan in the wake of fresh incentives in the new petroleum policy, but to stimulate investment from other countries the government must publicise benefits and advantages for the investors, says US Commercial Counsellor James Fluker.


Speaking during a visit to the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday, Fluker said new discoveries of oil and gas could help Pakistan overcome, to some, extent the energy problem that has affected all consumers from households to commercial and industrial units with prolonged outages.

In the US, the discovery of shale gas reserves has revolutionised its energy sector. In fact, the US has now become surplus in gas which it can export.

The commercial counsellor said a large part of US assistance to Pakistan was focused on energy as it was alive to the issue. This, he said, reflected the US commitment to helping address economic challenges being faced by Pakistan.

“It is a welcome sign that the private sector in Pakistan is doing well despite a number of challenges,” he remarked.

To a question about cooperation between the two sides in civil nuclear technology, he said nothing should be discarded and be taken up at the higher level.

Speaking on the occasion, LCCI President Farooq Iftikhar called for an immediate US response to Pakistan’s energy woes with some timeframe in this regard. He believed that a lot more problems could be solved if the US granted greater access for Pakistan’s products to its markets, the biggest for Pakistan.

He did mention the ongoing US-led war on terror that had engaged Pakistan for more than a decade and proved to be the biggest hurdle in the way of economic growth. As per some careful estimates, “our involvement in this effort to curb terrorism across the borders has caused losses of almost $70 billion,” he said.

Foreign investment is an area that can give the economy a shot in the arm, but security fears discourage the investors.

Published in The Express Tribune, January 30th, 2013.

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