Pakistan, UAE and Saudi Arabia discuss energy projects
Country keen to further develop oil and gas collaboration with Gulf states
Islamabad: Pakistan’s energy minister discussed the prospect of new energy projects and joint ventures in the oil and gas sector with the envoys of the United Arab Emirates and Saudi Arabia in Islamabad.
Pakistan is currently focusing on energy projects under its new renewable energy policy to harness the local energy resources as well as the revival of exploration and production activities in the oil and gas sector to attract foreign investment and boost economic growth.
In a meeting with the UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi, Pakistan’s Federal Minister for Energy Minister Omar Ayub Khan reviewed progress on the current petroleum projects and discussed ways to further the Pak-UAE cooperation in the energy sector. “The collaboration in the energy sector would provide a fresh impetus to economic ties between the two brotherly countries” the UAE envoy said. The minister lauded the UAE’s cooperation in Pakistan’s energy sector and said that Islamabad greatly valued its economic relations with the brotherly country.
Highlighting the government’s policies to revamp Pakistan’s energy sector including oil and gas domain, Minister Omar Ayub said that Pakistan is “committed to diversifying the outlook of energy market while making it more competitive and efficient.”
Joint ventures
In a separate meeting with the Ambassador of Saudi Arabia Nawaf bin Saeed Ahmed Al-Malki, Pakistan’s energy minister discussed the prospect of new oil and gas joint ventures. The meeting focused on Pak-Saudi collaboration in the energy sector was also attended by Special Assistant to Prime Minister on Petroleum Nadeem Babar and Secretary Power Division Ali Raza Bhutta.
Saudi Ambassador Nawaf Al-Malki appreciated Pakistan’s efforts to boost Pak-Saudi projects in the energy sector and said that the kingdom would continue to work with Pakistan to strengthen relations between the two countries. High-level delegations from Saudi Arabia’s energy sector, as well as private company officials, are expected to visit Islamabad this month to discuss investments in oil and gas fields.
Pakistan government is promoting oil and gas exploration opportunities in the country, hoping to attract investment from Saudi Arabia, the UAE and other Gulf countries to harness local oil and gas resources, ensure sustainable energy supply, reduce the country’s energy import bill and boost its economy.