Efforts Underway to Boost Foreign Investment in the Petroleum Sector

ISLAMABAD: Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar has announced that the government is implementing measures to enhance foreign investment in the petroleum sector by addressing key challenges currently faced by the industry.

Chairing the inaugural meeting of a committee formed to address issues within the petroleum and industrial sectors in Islamabad today, he reaffirmed the government’s commitment to facilitating foreign companies and attracting additional investment into the country.Mari Petroleum Records Highest Ever Profit, Announces 800% Bonus Shares

The meeting reviewed proposals to improve the financial framework for offshore exploration activities.

The Deputy Prime Minister instructed the relevant authorities to prioritize resolving the Circular Debt issue in the power sector. He also directed the development of a framework to implement recent changes made to the Petroleum Policy 2012.

Additionally, he called on the Interior Division to establish a One Window mechanism to address security concerns.

The Interior Division was also tasked with creating a streamlined facility system at both federal and provincial levels to ensure security for operations in challenging areas.

During the meeting, private sector members voiced their concerns about the downstream gas sector and emphasized the need for its opening to private companies to enhance its sustainability.

The meeting also instructed the Petroleum Division to collaborate closely with the industry and other stakeholders to propose necessary amendments to the OGRA Ordinance, aiming to introduce a system for adjusting gas rates on a monthly or quarterly basis.