Pakistan moves to build strategic crude oil reserves
- PM Shehbaz says energy security has now become critically important
Following the Prime Minister Shehbaz Sharif’s directive, work is underway on a comprehensive plan to establish and maintain strategic reserves of crude oil in view of the country’s future energy needs.
This was learned during a meeting on Thursday, which was chaired by PM Shehbaz.
The prime minister said that energy security is a critically important part of the country’s overall future planning, adding that in the current regional situation, timely measures for energy conservation had prevented the emergence of an energy crisis.
“To promote energy conservation and sustainable development, transportation should gradually be shifted to environmentally friendly electric vehicles (EVs),” the PM said.
He added that in future, only electric buses and motorcycles should be procured for government use.
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“A strategy should be developed to make it easier to acquire batteries for storing surplus electricity generated from solar energy,” he said.
The PM was informed that in the context of the regional situation, the National Coordination and Management Council (NCMC) formed for the energy sector was reviewing the situation on a daily basis.
The meeting was also informed that continuous efforts by oil and gas companies were leading to an increase in local production of gas and oil, while a PC-I is being prepared for two pilot projects focused on battery storage at the grid level.
On Wednesday, Prime Minister Shehbaz was informed that planning was underway to ensure that 30% of vehicles in the country are converted to electric within the next five years, a move expected to save approximately $4.5 billion in fuel imports.
During a briefing at a review meeting on the promotion of electric vehicles (EVs), chaired by the prime minister, officials said government employees up to Grade 16 would be provided electric motorcycles on easy instalments.
The PM directed that transparency in subsidies for electric motorcycles for low-income groups under the National EV Policy be ensured and that implementation of the scheme be expedited.