ISLAMABAD: A task force led by Deputy Prime Minister Ishaq Dar has approved a decision to sell 35% of all future gas discoveries to private companies through a competitive bidding process.
The move is one among a series of decisions by the incumbent Shehbaz administration that seek to privatise much of Pakistan’s natural resources. Already the government under the SIFC umbrella has been trying its best to find foreign investors for Pakistan’s mineral resources as well as its agricultural land. Gas discoveries, of which Pakistan has plenty, also require investment and interested parties. However, a 35% chunk of any future discoveries going to the private sector is a decision that has had its critics from within the government as well.
The task force was the scene of flaring political tensions within the PML-N as well, with Petroleum Minister Musadik Malik raising concerns about selling future gas reserves to the private sector. The Deputy Prime Minister and some of his people have made rosy projections of $5 billion pouring into Pakistan’s oil and gas exploration and production (E&P) sector, but no clear roadmap has been presented for how this will work. The government has also failed to share any comprehensive feasibility study for such sales.
Musadik Malik tried his level best to stop the policy from being approved, employing delaying tactics, including absenting himself from key meetings and proposing a controversial framework to stall the final decision. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
