Islamabad: Minister of State for Petroleum Musadik Malik said that an investment of $ 10 billion in refinery sector will come ‘very soon’ in Pakistan. “Very soon, Prime Minister Shehbaz Sharif will inaugurate $ 10 billion investment, details of which cannot be shared at moment,” said Malik, while addressing ceremony. Remarks come after incumbent government approved new refinery policy, which aims at incentivising Greenfield investment. “Looking at our population, we need GDP growth of 5 percent on sustainable basis. To achieve this growth we require 7.5-10 percent growth in energy sector every year,” he maintained. He said government would ink comprehensive energy agreement, with countries including Central Asian states and Russia. “Comprehensive energy security agreement will be presented to public by end of this year.

“Secondly, we also want to utilise our historic ties with Gulf Cooperation Council countries and reshape them into trade and commerce. We want to meet our energy needs including LNG and petroleum products from these countries,” he said. Malik said government intends to open energy corridors with Central Asia and another with GCC countries. He said that purchase of crude from Russia is “Steel mill moment”, which will change shape of Pakistan.

“We would like to present Pakistan as country that has infrastructure, labour force and technology,” he said. Talking to media persons, he said that government is enhancing its enforcement on border areas to curb oil smuggling from Iran. “In coming days flow of smuggled oil will reduce,” he said.

Published in The Daily National Courier, May, 26 2023

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