UAE, Czech envoys eye Pakistan’s energy sector

Discuss matters related to cooperation in field of energy with federal minister

ISLAMABAD:

Ambassador of United Arab Emirates (UAE) Hamad Obaid Ibrahim Salem Al-Zaabi has expressed a keen interest in further investment in Pakistan’s energy sector.

During a meeting with Minister for Energy Omar Ayub Khan on Wednesday, he that collaboration in the energy sector would provide an impetus to economic ties between the two brotherly countries.

The UAE envoy also discussed ongoing cooperation in the petroleum sector and explored the priority areas of mutual interest in the country’s energy sector.

Meanwhile, on a separate occasion, Czech Republic Ambassador Tomas Smetanka also called on the energy minister to discuss matters related to cooperation in the field of energy.

Both sides held a comprehensive discussion on Pakistan’s energy outlook and market potential.

The Czech envoy explored areas of mutual discussion in the energy sector including investment in oil sector and business in liquefied natural gas (LNG) supply chain for a group of Czech companies visiting Pakistan by end of March this year.

Speaking on the occasion, the minister also highlighted the government’s robust policies to revamp the petroleum and power sector of the country.

He said that the government was fully committed to diversifying the outlook of the energy market while making it more competitive and efficient.

The minister also briefed the envoy about the Indicative Generation Capacity Expansion Plan (IGCEP) 2030 which emphasised on increasing the share of indigenous sources on basis of amount, time and location while reducing the reliance on imported fuel.

He further highlighted that the IGCEP would forge additional renewable capacity ie 60% power generation from biomass, solar and wind; 30% from hydel, 10% each from thermal and nuclear power plants.

Ayub also detailed upon the oil and gas exploration and production (E&P) activities in Pakistan and said that recently the government had held bidding of 15 oil & gas blocks.

These blocks, he said, would bring “minimum investment of over $71 million in three years, additionally, the development programs worth millions of dollars would be extended by E&P companies in located areas”.

He said the government would be offering more oil and gas blocks by the end of this year as part of its strategy to revive E&P activities in the country, which had been ignored by previous governments.

The minister said the government also aimed to achieve self-sufficiency in the oil and gas sector by harnessing maximum potential of energy resources in the country.

For which, he said, the incumbent government had introduced a policy of ease-ofdoing-business and transparency to ensure a level-playing field for all competitors in the energy sector.

The ambassador voiced hope that the Czech companies would have valuable input from Pakistani counterparts and would find best opportunities for investments and business. APP