Substantial Progress Made in Development of Petroleum Sector

Islamabad: A substantial progress has been made in the development of the petroleum sector with the support of Special Investment Facilitation Council. The SIFC is taking effective steps to increase the ratio of sale of shares of petroleum companies. In this connection, rules for the sale of new gas reserves have been relaxed as per the recommendations of SIFC.

According to Radio Pakistan, the shares given to exploration and production companies in terms of gas reserves have been increased from 10 percent to 35 percent. These companies have been allowed to use the Sui Gas network or lay their own pipeline for timely delivery of gas. The main objective of the decision is to provide better utilization of gas reserves, transparency, and equal opportunities for the development of the private sector.

It is noteworthy that the sale of gas to private companies is expected to meet the overall demand of the market as well as reduce circular debt.