Gas industry calls for ramping up production

ISLAMABAD:

The local gas industry has welcomed the US-Iran ceasefire by terming it a gateway to substantive future progress in international oil and gas trade, which will lower global inflation and fiscal pressure by normalising trade routes.

The regional development will also lead to significant progress in Pakistan's oil & gas sector and the overall economy.

Ghiyas Abdullah Paracha, a leading entrepreneur in the energy and gas sector, has praised Prime Minister Shehbaz Sharif and Army Chief Asim Munir for the monumental achievement that brought an instant dip of around $22 in crude oil prices and provided a relief of billions of dollars to the global economy.

Following the ceasefire, Pakistan has successfully averted energy shortages. "It is expected that in the next phase, the government will prioritise energy self-sufficiency by ramping up domestic oil and gas production, curbing losses and formalising new strategic agreements and supply deals," Paracha said in a statement.