Pakistan Seeks U.S. Investment in Oil and Gas Sector
Source: Associated Press of Pakistan (1/15/09)
"[Pakistan's] government has announced enormous incentives and packages in the new petroleum policy for foreign investors."
Advisor on Petroleum Dr. Hussain said that new government is taking concerted steps to exploit the untapped hydrocarbon resources in onshore and offshore areas to meet the growing energy needs of the country.
Hussain informed the envoy about the steps being taken by the government for the utilization of 185 billion tons coal deposits of the country. He sought U.S. cooperation and investment in utilizing the huge coal deposits for gasification and power generation.
Highlighting the investment opportunities in Pakistan, Dr. Hussain said that government has announced enormous incentives and packages in the new petroleum policy for foreign investors. The bidding process for issuance of exploration license to the aspirant companies has been cut short to attract foreign direct investment in Pakistan's energy sector. "The government is pursuing fast-track exploration policies, as we want to be self-sufficient in indigenous gas production in the coming three years," Hussain said.
Ambassador Patterson said the U.S. wanted to build long-term and multifaceted strong relations with Pakistan. She emphasized the need for expanded cooperation between the two countries (particularly in the economic sector) and offered to provide assistance in upgrading the technical know-how to exploit the natural resources of the country.