$10bn foreign investment poured in petroleum sector

ISLAMABAD: The petroleum sector attracted over $10 billion foreign investment despite low oil price scenario in international market during the last four years.

"Besides, world's major players are showing interest to invest in LNG sector of Pakistan after seeing immense business potential of the commodity here," official sources told APP.

They said international companies were aspiring to set up their own terminals and develop transmission networks to supply the commodity to consumers and "there will be a good news in next few weeks in this regard."

PGNiG - a Polish oil and gas company, operating in Pakistan since 1997, has planned to step up its exploration and production activities and take the business volume to Rs 100 billion per year.

"They company has the intention to take the company's production to $100 million per year in the coming days," they said.

Besides, the company is considering to set- up its LNG trading office in Pakistan as there was a lot of business scope.

Currently, the sources said 600 million cubic feet per day (mmcfd) LNG was being imported from Qatar, which greatly helped in meeting the country's energy requirements as all gas-based power generation plants were now functioning fully, 1200 CNG stations restarted their operations and industrial and fertilizer sectors were getting uninterrupted supply.

Before LNG import, they said Pakistan was importing one million ton fertilizer per year and now it was exporting six million tons fertilizer, adding entire power generation sector was getting smooth gas supply, besides Nandipur power plant had also been converted on LNG.

Answering a question, the sources said Pakistan was already negotiating LNG import deals with countries including China, Turkey, Russia, Malaysia and Oman, adding "Pakistan will strike LNG deals with potential exporters.