ISLAMABAD: The Ministry of Petroleum and Natural Resources has planned in haste a roadshow in the US on the new petroleum policy in a bid to encourage investors to invest in Pakistan’s energy resources, but past experience suggests it may turn out to be just a joy trip and nothing significant may be achieved.
Pakistan’s consulate in Houston has already cautioned that the plan can only be a ‘waste of public money’. A similar roadshow in 2009 failed to woo foreign firms despite extravagant spending by the petroleum ministry.
The roadshow is scheduled for December 10 and 11 in Houston, which is expected to be attended by officials of the petroleum ministry and heads of some state-owned oil and gas exploration, production and distribution companies. A separate roadshow will be held in London on December 13 and 14.
Adviser to Prime Minister on Petroleum Dr Asim Hussain, Petroleum Secretary Dr Waqar Masood, Sui Northern Gas Pipelines Limited Managing Director Arif Hameed, Sui Southern Gas Company Managing Director Zuhair Siddiqui and former special secretary petroleum GA Sabri will be part of a Pakistani team. Sabri was also a key official during the 2009 roadshow.
In a communication to the director general of petroleum concession, Pakistan Consul General in Houston Muhammad Aqil Nadeem said US firms could not be contacted at a short notice of two to three weeks.
“Since considerable and precious time has elapsed, we feel that it will not be a proper utilisation of funds to arrange and manage the event at this extremely short notice of two to three weeks,” Nadeem said.
“We do not expect a keen response from US companies at such a short notice, on the contrary, it will give an image of non-serious effort.”
He pointed out that the petroleum ministry had held a similar roadshow at equally short notice in Houston in 2009 with the help of a UK-based company, but due to lack of coordination and short notice, very few people attended the event and majority of them were of Pakistani origin with no oil exploration background.
This could be verified from the photographs placed at the consulate in Houston, he pointed out.
The consul general was of the view that the petroleum ministry appeared to be following the same model this time too as far as preparation and marketing was concerned. In a recent trip to Houston, many irrelevant officials were also part of a Pakistani team.
He suggested rescheduling of the event with recommendations that the ministry should confirm schedule and details of the roadshow at least four to six months in advance.
An international marketing company specialising in oil and gas sector may be engaged according to international norms of business. In this regard, the consulate has consulted relevant US businessmen, who have suggested the name of CWC Group of Companies.
Nadeem pointed out that the ministry could like to attend the North America Prospect Expo (NAPE) 2013 in Houston and try to schedule the roadshow alongside the expo, the world’s largest exploration and production fair. It provides a marketplace for networking, buying, selling and trading of oil and gas prospects.
NAPE hosts three conferences in a year – NAPE Winter will be held from February 5-8, 2013 at Houston, NAPE East will be held from April 10-12, 2013 at Pittsburgh and NAPE Summit will be held from August 14-16, 2013 at Houston.
Despite repeated attempts, Petroleum Secretary Dr Waqar Masood did not reply to requests for comments.
Published in The Express Tribune, December 5th, 2012.
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