Business Pakistan's petroleum sector to get new $100 mln foreign...

Pakistan’s petroleum sector to get new $100 mln foreign investment

Pakistan’s petroleum sector to get new $100 mln foreign investment

By Shams Abbasi

ISLAMABAD – Pakistan is expecting around $100 million new investment by leading international companies in petroleum sector, particularly in areas of petrochemical, oil storage and oil infrastructure.

Several foreign companies have shown interest in exploring Pakistan’s petroleum sector, which is a positive sign for national economy, Spokesman of Prime Minister for Trade and Investment for United Kingdom (UK) and Europe Sahibzada Amir Jahangir told APP here on Sunday.

The spokesman said recently a high-level delegation of world largest private sector oil company ‘VITOL’ headed by senior director Chris Bake along with two senior board directors visited Pakistan for negotiations with local authorities on further plan of action.

Amir Jahangir said that during the visit, the delegation met Prime Minister Imran Khan and other relevant officials of ministries and

He informed that VITOL group’s senior director Chris Bake had immense appreciation for the prime minister for tackling corruption and lifting the damaged economy.

He mentioned that the prime minister was assured that Vitol had always shown interest in the development of Pakistan and had plans to invest in oil-related projects such as oil storage and other infrastructure.

He said that the meeting was also attended by Chairman of HASCOL Petroleum which operates over 600 gas stations in Pakistan.

He said that successful meetings were conducted with the ministers of Petroleum, Energy, and Finance and with the Chairman of Board of Investment (BOI).

The PM spokesman said last month, he had accompanied the known Australian investor and philanthropist Andrew Forrest, to meet Prime Minster Imran Khan and other relevant government official for bringing investment in Copper and Gold Mining.

Andrew Forrest’s company is the second largest producer in the world of Iron Ore, Copper and Gold Mining.

Amir Jahangir mentioned that Forrest expressed his desire to assist financially in eradicating polio and bring his own son next month to Pakistan, take him along to the border areas to administer anti-polio vaccine with an aim to remove apprehensions about polio medicine.

Secondly, Forrest’s charity Minderoo established in 1878 will financially help in the childcare and lastly in the coming months. He also intends to invest massively in Water Treatment Plants which will provide clean drinking water to the people.

Amir Jahangir said Pakistan Tehreek-e-Insaf (PTI) government had made a model to
attract foreign investors in the country.

He said that cheap labour of 100 million youth was available in the country besides a lot of natural resources. International companies like Indoforce are also willing to invest in Pakistan.

He said there was only need to project these resources before foreign investors to convince them to invest in Pakistan.

The spokesperson said that over 3.5 million Pakistanis were living in Europe and were sending $12 billion annually in shape of foreign remittances to the country.

He said over 8.5 million overseas Pakistanis were living all over the world and were sending over $20 billion remittances to the country annually.

He expressed the hope that foreign remittances would increase further as confidence of overseas Pakistanis were increasing due to prudent policies of PTI government.

  1. Amir Jahangir said that Pakistan economy was improving due to positive indicators, like current account deficit was at lower level and
    foreign remittances were increasing.

“When PTI government came into power, the economy of the country was in crisis due to corruption, money laundering and incompetence of previous governments,” he added.

The spokesperson said the PTI government had to take unpopular decisions to sustain national economy in its first year, adding there was a need to improve governance system of the country and performance of every ministry was being monitored in that regard.

To a question, he said tourism of the country had great potential, adding the present government was taking measures to develop it as an industry.

Amir Jahangir said Pakistan would participate in World Tourism Seminar in November this year, adding that the country’s tourism potential would be projected and marketed in the seminar.

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