ISLAMABAD: US-Pakistan Business Council (USPBC) on Friday hosted a virtual event titled “Explore Pakistan: A USPBC Virtual Series on Business Opportunities in Pakistan’s Energy Sector” to brief US business community regarding Pakistan’s efforts to mitigate the ever-growing energy demand of domestic consumers and industry, its recent policy developments in the energy sector, reforms in the oil & gas sector and incentives for investment in the energy-related projects.
Energy Minister Omar Ayub Khan and Special Assistant to Prime Minster on Petroleum Nadeem Babar had been invited by USPBC to brief the adudience in this regard.
The event was chaired by US-Pakistan Business Council Chairman and Excelerate Energy Managing Director Steven Kobos, who welcomed the dignitaries and underlined that the virtual series has been initiated by USPBC to reinvigorate the development of US-Pakistan business portfolio, especially in the energy sector.
Energy Minister Omar Ayub Khan on the occasion complimented the USPBC for the virtual series initiative and said that the US is an important business partner for Pakistan.
He acknowledged the strong footprint of US companies in Pakistan’s energy sector, saying that US companies in the energy are familiar with the Pakistani market.
Addressing the USPBC members on opportunities for investment in the power sector, the minister underscored the government policy initiatives to increase the share of renewable energy in the total energy mix.
He noted that the government is going into a competitive market for power distribution and has developed an Integrated Generation Capacity Expansion Plan to align the country’s demand and supply parameters and investment decisions accordingly. The minister noted that a specific policy for small hydropower projects has been developed to ensure that the benefits of renewable and cheap electricity are available to consumers.
Meanwhile, Special Assistant to PM on Petroleum Nadeem Babar spoke on the business climate in Pakistan’s oil & gas sector and shared an overview of the pro-business policies being pursued by the government. He noted that the refining sector in Pakistan is in need of an overhaul.
“With a large middle income population and growing energy needs, the current capacity of refineries is extinct,” he said, encouraging US companies to invest in the sector.
He gave an overview of the specific incentives provided by the government for brownfield and greenfield oil refinery investments.
The SAPM said that Pakistan was equal to the challenge of globally exploring investment for its upstream sector and had last week advertised ten blocks for grant of Petroleum Exploration Rights (Exploration License). He invited the US companies to bid for this.
Embassy of Pakistan Deputy Chief of Mission Ubaidur Rehman Nizamani and US Embassy Acting Deputy Chief of Mission Richard Snelsire also spoke on the occasion and underscored the importance of furthering US-Pakistan trade and investment relations.
Memebrs of the US Department of Commerce along with representatives of Board of Investment, Ministry of Maritime Affairs, chambers of commerce, OGDCL, Mari Petroleum also participated in the virtual conference.
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