The government has announced government measures to increase investment in the petroleum sector.
Under the chairmanship of Deputy Prime Minister Ishaq Dar, a meeting of the Committee on Petroleum Sector Issues was held in which suggestions for improving the financial system for finding new reserves of petrol and gas were considered. Other public and private sector members participated.
The participants directed the concerned authorities to prepare a framework for the implementation of the recent amendments in the Petroleum Policy 2012, to solve the problems of revolving credit, and to order the Interior Division to prepare a one-window facility to solve security problems. Ishaq Dar highlighted the importance of this sector for energy security and economic development and expressed his determination to take all possible measures to facilitate local and foreign companies, which would help in attracting more investments. Will be.
Concerns over the security and stability of the industry due to rising circular debt were raised by the heads of domestic and international E&P businesses, and committee members from the private sector also expressed concerns about the downstream gas sector.
He emphasized how to increase the sector’s sustainability, private businesses must be allowed access.
After detailed discussions, the forum directed the Petroleum Division to work closely with the industry and other stakeholders to ensure that gas A mechanism can be introduced for adjustment of rates on a monthly or quarterly basis.
The Petroleum Division was also instructed by the Forum to recommend suitable changes to the OGRA Ordinance. Regarding security issues, the forum directed the Ministry of Home Affairs to collaborate closely with E&P companies and other stakeholders. He was also responsible for developing a one-window facility system at the federal and provincial levels to ensure security for operations in challenging areas.
