Opportunity: Austrian investors eye oil and gas production

Certification services provider seeks to cement position.

LAHORE:

Austrian investors are very keen on pumping capital into hydrocarbon exploration and production in Pakistan and oil and gas firm OMV has already become the largest investor here, says TUV Austria Group Chief Executive Officer Dr Stefan Haas.

Speaking at a press conference on Wednesday, Haas underlined the need for deepening trade ties between the two countries in an attempt to fully tap the existing potential.

He emphasised the importance of evolving attractive policies to push the trade relations and urged Pakistan’s businessmen to make joint ventures with their Austrian counterparts.



Discussing the flow of foreign direct investment, Haas said Pakistan received over $500 million in the first seven months of 2013-14, of which the oil and gas sector attracted the highest investment of $250 million.

TUV Austria looks interested in cementing its position in Pakistan and is seeking to take full advantage of investment prospects. Other major companies and brands that are already present here are OMV, Red Bull and Swarovski.

TUV Austria Group is a multi-million-euro company and expanding aggressively into Asia. It intends to further spread its operation in the South Asian region, particularly Bangladesh and Sri Lanka through Pakistan.

Haas described Pakistan as an attractive investment destination for European investors, particularly the Austrian companies. “The situation here is very promising.”

He suggested exchange of business delegations and organising single-country exhibitions in each other’s country to encourage trade.



TUV Austria Pakistan CEO Rashid Mehr said TUV Austria Bureau of Inspection and Certification was another highly successful business venture in Pakistan with hundreds of clients across the country. “It has proven to be extremely successful for TUV Austria Group with hundreds of employees and local shareholders.”

Mehr pointed out that statistics for fiscal year 2013-14 reflected the interest of Austrian investors in Pakistan, particularly in the oil and gas industry.

It gives TUV an opportunity to offer high-quality services to the oil and gas sector in the area of occupational health, safety, environment, technical inspection, construction supervision and technical training.

TUV wants to offer internationally recognised certification services to the industry at large including ISO 9000, ISO 14000, ISO 18000 and food safety. “This certification will help the local industry to compete both internationally and domestically,” Mehr said.

Published in The Express Tribune, November 20^th, 2014.

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