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PR LAHORE – Jam Kamal Khan, Minister of State for Petroleum Division, has said that the country has significant consumption ofenergy, with its GDP growth anticipated at 6.5% in the coming year. This developing scenario, he said, is opening up opportunities for new investors.
The Minister of State was speaking at a ministerial session of ADIPEC 2017, one of the world’s biggest oil and gas exhibition-cum-conference being held in Abu Dhabi from November 13 to 16, 2017. The session, held on day 2 of the mega event, was entitled ‘Ministerial Panel: CreatingEnergyOpportunity through Foresight, Vision, Inspiration and Innovation’ and featuredenergyministers from UAE, Oman and Egypt, besidesPakistan. The session was moderated by CNBC anchor Hadley Gamble.
The Minister said thatPakistanhas already built a robust infrastructure which includes the first LNG terminal that was completed in a record time of 335 days in Karachi and through which re-gasified LNG is transmitted to local industries that require it most. He said that the second terminal will soon start operating and more such terminals will be installed in the future too. Still, he said, a lot needs to be done since the entireenergysectorhas not been covered and gas and power requirements still need to be fulfilled. While emphasising thatPakistanstill has an appetite to consume moreenergy, he said that the country needs to improve its upstream resources. The Minister added that in the field of exploration and production (E&P), there is a lot of room forcompaniesto come in and do work and we are looking to increase our capacity in refining.
Jam Kamal Khan sounded upbeat about Pakistan’s oil and gassectorand said that the country was looking forpartnershipsand stressed that there are “opportunities in E&P, refining and LNG.” The Minister usedPakistan‘s relationship with ADNEC and its “brothers in the UAE” as examples of existing strongpartnerships. He also talked about the importance of working with Egypt and Oman, emphasising on the value ofPakistan‘s potential LNG partnership with Oman.
It must be mentioned here thatPakistanhas a strong presence at the ADIPEC 2017. The Petroleum Institute ofPakistanhas taken the lead in setting up aPakistanPavilion in the Exhibition Area that features the veritable who’s who ofPakistanoil and gassectorincludingPakistanState Oil,PakistanPetroleum Limited, Oil and Gas Development Company Limited, Sui Southern Gas Company, Sui Northern Gas Pipelines Limited, Mari Petroleum Company Limited, Inter State Gas Systems (Pvt.) Ltd., Government Holdings (Pvt.) Limited, Khyber Pakhtunkhwa Oil and Gas Development Company andPakistanLNG Terminals Limited.
The elite panel at the Ministerial Session also included Sohail Mohammad Al Mazrouei, Minister ofEnergyand Industry, UAE, Mohammed Hamad Al Rumhy, Minister of Oil and Gas, Sultanate of Oman and Tarek El Molla, Minister of Petroleum and Mineral Resources, Arab Republic of Egypt.
UAEenergyminister said that Pakistan’s refining industry has a huge potential for growth and expansion and UAE is all set to invest more in thatsector. The Minister added that renewableenergytoo has a huge growth potential inPakistan. Oman oil and gas minister focused on the importance of gas forenergysecurity and urged players to “lean towards LNG”. Unlocking tight gas in Oman could prove to be a game-changer for the country but he admitted there are challenges in the form of production and costs, he said. Egypt’s petroleum and mineral resources minister sounded optimistic about Egypt becoming increasingly attractive to investors now that it was emerging out of political turmoil that had a negative impact on investment.