ISLAMABAD: In a flurry of moves, Prime Minister Shehbaz Sharif set about putting affairs in order on Monday as he gets comfortable in the chief executive’s chair. The day began with the swearing in of his 19 member cabinet that had been notified to President Zardari a day earlier and was followed by high-level meetings with the new ministers.
On the same day, the prime minister paid special attention to the power ministry. The immediate agenda item was the provision of uninterrupted supply of electricity and gas to consumers during the holy month of Ramzan. The direction to the power authorities come at a time when gas prices are under a major upheaval under the direction of the International Monetary Fund (IMF) which wants gas used for commercial activities rather than for domestic consumers. Despite the recent revision, the PM was determined to provide short-term relief to domestic consumers in Ramzan.
At the same time, however, Mr Sharif also called for a report on the implementation of the Energy Saving Plan. The plan was first conceived early last year during Mr Sharif’s first term as Prime Minister under the banner of the PDM. The government back then had claimed they could save over $1 billion by many measures including the early shut down of markets. The usefulness of the policy has been hotly contested by the country’s business community, in particular by the retail sector which saw a reduction in its business hours.
As part of his instructions to the power authorities, the prime minister also directed the provision of every possible facility to the private sector, local and foreign investors in the exploration of gas and oil, refining, and distribution of these natural resources.
A high-level review meeting regarding energy sector reforms was held in Islamabad on Monday under the chairmanship of the prime minister. Addressing the participants, Mr Sharif said that the government was not meant for doing business, rather its responsibility was to extend all kinds of facilities to the private sector and ensure protection of the rights of the consumers especially the vulnerable segments of the society. He also asked for steps for promotion of global investment in exploration of Tight Gas and undersea oil and gas reserves, regretting that Pakistan’s maritime area was huge in size when compared with Balochistan province but no steps were taken to explore its hidden natural resources. He stressed upon exploration of undersea natural resources including oil and gas reserves and their full utilisation was among the top priorities of the government. Emphasising to enhance the petroleum refining capacity of the country, he sought the formulation of a comprehensive strategy to do away with the circular debt of oil and gas sectors and work out a durable solution to the issue.
He also instructed to reduce the gas sector losses through smart metering and identify and take strict action against the thieves of gas and oil. “I will not allow any more wastage of the people’s hard-earned money and the loss to the national exchequer,” the prime minister remarked. He instructed strict monitoring of the LPG sector to ensure provision of the commodity to the consumers at low price.
The prime minister further directed for presenting a strategy on the country’s mineral resources, their exploration and enhancement of exports. The meeting was told that the country’s oil and gas reserves were depleting fast and petroleum products worth $4 billion were being exported annually and the local exploration would save foreign exchange worth billions of dollars.
The meeting was also apprised of the reserves of tight gas and undersea oil reserves and the interest of the foreign investors in the sector. It was told that work on LPG Policy 2024 was underway and consultation with the stakeholders was in progress.
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