The government is giving equal investment opportunities in the mining sector to all countries, Ali Pervez said.
ISLAMABAD: Pakistan has decided to adopt an “open-handed” policy for offering mining contracts worth billions of dollars, under which rival countries like the US, China and Russia will be provided with equal opportunities.
The Ministry of Petroleum recently organized a webinar with US officials and companies in which joint ventures were offered. Federal Minister for Petroleum Ali Pervez Malik, while talking to the media, said that the government is giving equal opportunities to all countries to invest in the mining sector.
He said that Pakistan is currently working on the Reko Diq Gold and Copper Project, which is a project worth billions of dollars and will open a new door of investment for different countries. He said that the Reko Diq project will become a role model for investment.
In response to a question, the minister ruled out the possibility of discrimination against any country and said that I have visited Russia and have also invited companies there to invest. Whenever we start the bidding process, any company can participate.
Talking about the current LNG crisis, he held the previous government responsible for the second long-term agreement with Qatar. He clarified that the government intends to review the LNG agreement that expires in 2026.
Regarding the circular debt and gas cut, he blamed the Power Division, saying that the power sector was not ready to take the required gas. The Power Division had also taken the cabinet’s approval to reduce the ‘take and pay’ guarantee of LNG from 60 percent to 50 percent, which is causing discontent in the Petroleum Division.
The minister said that due to expensive imported LNG, the government had to stop 300 MMCFD of local gas production. Talking about the IMF program, he said that we are on the target of zero deficit, so steps are inevitable.
On the question of exemption from US sanctions for importing oil and gas from Iran, he said that a ministerial committee is considering it. The two countries are engaged in mediation in Paris on the Iran-Pakistan gas pipeline project. Regarding the exemptions given to China and India, the minister said that these countries are not part of the IMF program, while Pakistan is, so we have to be careful.
