$38.673bn petroleum products imported in last five years

ISLAMABAD: The government has imported petroleum products worth $ 38.673 billion during the last five years to meet energy needs of the country, official sources in the Ministry of Petroleum and Natural Resources said.

Giving the break-up, they informed APP that petroleum products amounting to $ 9,422 million were imported in the year 2011-12, $ 8,282 million in 2012-13, $ 8,899 million in 2013-14, $ 7,411 million in 2014-15 and $ 4,659 million in 2015-16.

Answering a question, the sources said petroleum products were being maintained by oil marketing companies keeping in view their commercial requirements.

"As of December 6, 2016, reserves of HOBC were available for 122 days, Motor Spirit for 11 days, JP-I for 12 days, Superior Kerosene Oil for 15 days, High Speed Diesel for 23 days and Furnace Oil for 24 days," they said.

Replying to a question, the sources said the country's crude oil production would reach 90,000 barrels per day (bpd) during the current winter season.

Pakistan is moving fast towards achieving self-reliance in crude oil production after the present government accelerated exploration of indigenous hydrocarbon resources over the last three years.

"Capacity to produce crude oil and its indigenous refining is increasing gradually. Now, the country has started moving on the path of achieving self reliance in the sector," they added.

The current government, they said, had so far added 32,000 bpd in crude oil production, while additional 4,000 bpd oil would come to the system during the current winter, bringing the production capacity to 90,000 bpd mark.

They said the Byco Petroleum Company had established the country largest production unit, having refining 120,000 bpd oil, in Balochistan last year.

Presently, they said, as many as six oil refineries were operating in the country and they had full capacity to refine the product as per needs of the country.

Currently 70 percent of the current oil demand was met through import and the government had planned to set up more oil refineries in the coming days, they added.

Recently, they said, the government in a significant move to achieve self-reliance in the oil production sector, had given the task to Pakistan Arab Refinery Company (PARCO) to complete the much delayed multi-billion dollar Khalifa Coastal Oil Refinery project.

The coastal refinery will have the capacity to refine 250,000 bpd - equal to 13 million tons of petroleum products per year, they added.