Crude oil imports reach 60m barrels
The indigenous crude oil met only 15% of the country’s total requirements, while 85% were met through imports
PHOTO: EXPRESS
ISLAMABAD:
The government has imported 60.4 million barrels (mbbl) of crude oil, while it locally extracted 21.8 mbbl, during the first eight months of the current fiscal year from July 2017 to February 2018, in order to meet the ever-growing energy needs of the country. According to sources, annual consumption of petroleum products in the country was around 26 million tons during the last fiscal year.
The indigenous crude oil met only 15% of the country’s total requirements, while 85% were met through imports in the shape of crude oil and refined petroleum products, they said, adding that crude oil is refined by six major and two small refineries. They said the government is making efforts to bring improvement in existing refineries as well as attracting foreign investment in the sector.
Published in The Express Tribune, May 16th, 2018.
The government has imported 60.4 million barrels (mbbl) of crude oil, while it locally extracted 21.8 mbbl, during the first eight months of the current fiscal year from July 2017 to February 2018, in order to meet the ever-growing energy needs of the country. According to sources, annual consumption of petroleum products in the country was around 26 million tons during the last fiscal year.
The indigenous crude oil met only 15% of the country’s total requirements, while 85% were met through imports in the shape of crude oil and refined petroleum products, they said, adding that crude oil is refined by six major and two small refineries. They said the government is making efforts to bring improvement in existing refineries as well as attracting foreign investment in the sector.
Published in The Express Tribune, May 16th, 2018.