The Pakistani government recently solicited various international and American companies to participate in an ambitious project aimed at enlarging local oil and natural gas production.
The government estimates foreign investment needs of these industries at $3-$4 billion, according to Al-Hayat daily.
Addressing an “Oil Industry” symposium in Houston, Texas, Pakistani Minister of Oil Othman Amin El-Dein stated that his country intends to double its oil and natural gas production capacity in the next decade. An additional high-profile oil industry conference, held in London, preceded the US event.
Official sources said that a new petroleum policy was being prepared in light of the incentives provided by emerging petroleum markets in the region such as Bangladesh, India and Iran to compete with those countries.
Pakistan is expected to attract foreign investors to the sector through privatization of state-owned enterprises in addition to fresh investment in the upstream and downstream petroleum activities.
Numerous multinationals and financial institutions including British Petroleum, Merill Lynch, Orient Petroleum Inc, Chase Infrastructure, Citibank, OMV of Austria, Occidental, ABN Amro and Marathon Oil are expected to participate in these conferences. –(MENA Report)
© 2001 Mena Report (www.menareport.com)
