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Islamabad: Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar has announced comprehensive measures to attract and increase foreign investment in Pakistan’s petroleum sector. Leading the inaugural session of a newly formed committee focused on resolving challenges in the petroleum and industrial sectors, Dar underscored the government’s commitment to providing all necessary facilities to foreign companies.
According to Ministry of Information and Broadcasting, the meeting tackled several pressing issues, including the improvement of financial systems for offshore exploration and the resolution of circular debt in the power sector, which Dar emphasized as a priority. He also directed the preparation of a framework to implement recent amendments to the Petroleum Policy of 2012.
Furthermore, Dar instructed the Interior Division to develop a One Window mechanism aimed at addressing security concerns, facilitating a safer and more efficient environment for operations, particularly in challenging areas. This initiative is expected to streamline processes at both federal and provincial levels, enhancing the overall investment climate.
The private sector members of the committee voiced their concerns about the downstream gas sector, advocating for deregulation to allow more private companies into the market to boost its sustainability. Responding to these concerns, the meeting concluded with directives for the Petroleum Division to collaborate closely with industry stakeholders and propose necessary amendments to the OGRA Ordinance, potentially introducing a more flexible mechanism for adjusting gas rates.
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