UAE keen on further investment in Pakistan’s energy sector

ISLAMABAD: United Arab Emirates (UAE) on Wednesday expressed interest in furthering investment in Pakistan’s energy sector to improve economic cooperation between the two countries.

UAE Ambassador in Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi, during a meeting with Energy Minister Omar Ayub, said the collaboration in energy sector will provide an impetus to bilateral economic ties.

The meeting discussed the ongoing cooperation in the petroleum sector and explored the priority areas of mutual interest in the energy sector.

Separately, Ayub also met Ambassador of Republic of Czech in Pakistan Tomas Smetanka. The Czech Ambassador explored the areas of mutual discussion in energy sector including investment in oil sector and business in liquefied natural gas supply chain for group of Czech companies visiting Pakistan by end of March.

The ambassador hoped that the Czech companies would have valuable input from Pakistani counterparts and would find best opportunities for investments and business in energy sector of Pakistan. “This will strengthen the bilateral economic relations between the two countries.”

The minister had a comprehensive discussion on outlook of energy sector and energy market.

“The government is fully committed to diversify the outlook of energy market while making it more competitive and efficient,” he said. The minister briefed the envoy about the indicative generation capacity expansion plan (IGCEP) 2030 which emphasises on increasing the share of indigenous sources on basis of amount, time and location while reducing the reliance on imported fuel.

“IGCEP would forge additional renewable capacity i.e. 60 percent power generation from biomass, solar and wind, 30 percent from hydropower, 10 percent each from thermal and nuclear power plants.

Ayub said the government has carried out the bidding of 15 oil and gas blocks and minimum investment in these blocks would be more than $71 million in three years.

Additionally, the development programs worth of hundred million dollars would be extended by exploration and production companies in located areas.

“The government would be offering more new oil and gas blocks by end of this year and it is a part of strategy of the incumbent government to revive E&P activities in the country,” he said. “The government also aimed at self-sufficiency in oil and gas and harnessing maximum potential of energy resources in country by introducing ease-of-doing-business and transparency to ensure a level-playing field for all competitors in energy sector.