Gunvor Group eyes petroleum sector
Exploration and production companies are hesitant to commit further investment, citing the uncertainty surrounding the recent petroleum policy changes. photo: file
Gunvor Group Chairman Torbjorn Tornqvist and Total Energies Vice President Mehmet Celepoglu met with Prime Minister Shehbaz Sharif on Monday to explore potential investments in Pakistan's energy sector.
During the meeting, the prime minister highlighted that the country's economy had stabilised and was now on a path of growth and development.
He highlighted ongoing reforms aimed at boosting investment and business activities, noting that these efforts were already yielding positive results.
PM Sharif stressed that the government was actively removing barriers to foreign investment in Pakistan.
Tornqvist expressed Gunvor Group's strong interest in investing in Pakistan's petroleum sector, noting that the company had already signed an agreement to acquire a 50% stake in Total Parco. He praised the steps taken under the prime minister's leadership to encourage investment. PM Sharif instructed relevant authorities to provide full support to Gunvor Group in their endeavours.
The meeting was attended by federal ministers Ahad Khan Cheema, Dr Musadik Malik, PM's Special Assistant Tariq Fatemi and other relevant high officials.
A day earlier, the Oil Marketing Association of Pakistan (OMAP), led by Senior Vice Chairman Tariq Mehmood, met with Federal Minister for Commerce Jam Kamal Khan to discuss the fuel oil industry's expansion in Balochistan. They focused on increasing licensed fuel stations across the province to improve product quality and service for local residents.
Mehmood stressed the importance of gradually rolling out licensed fuel stations, ensuring high-quality products for consumers in the region. The commerce minister proposed that each oil company should establish two to three stations in every district, creating jobs and fostering business growth