ISLAMABAD: Minister for Privatization, Water and Power Syed Naveed Qamar on Thursday assured the Petroleum Exploration and Production Companies Association (PPEPCA) that all contractual obligations would be protected in accordance with the law.
He stated this while addressing a meeting of the members of the Executive Committee of Pakistan Petroleum Exploration and Production Companies Association (PPEPCA) here on Thursday.
The meeting discussed the matters pertaining to the implementation of 18th Constitutional Amendment April 2010 regarding Oil & Gas sector in view of the new clause 172 (3) introduced in the Constitution whereby mineral oil and natural gas within any Province or the territorial waters adjacent thereto has been vested jointly and equally with that Province and the Federal Government.
Syed Naveed Qamar said that the new constitutional arrangements would ensure that the provinces wouldn't be treated as colonies anymore and the people of the respective provinces would benefit from their resources.
The Provinces would be partners in all future transactions, however, before finalization of a body and mechanism to replace the existing arrangements for future transactions, a summary for Council of Common Interests (CCI) was being moved in its upcoming meeting next month for placing interim arrangements with transparent timeline, he added.
Syed Naveed Qamar being among the authors of 18th Constitutional Amendment April 2010 informed PPEPCA body that the Federal Government couldn't unilaterally take decisions, however, the channel for information flow would remain the same. The new body being envisaged would have one representative from each province, he said.
Imtiaz Kazi, Secretary Petroleum, Dr. Elmar Colins, Chairman PPEPCA (BPP), Mazhar Farooq, General Secretary PPEPCA, Anwar Moin of OPL and representatives of ENI, POPH, OMV, GHPL and the Director General Petroleum Concession were present during the meeting.
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