Rs7bn invested in CNG sector in seven years
ISLAMABAD: Federal Minister for Petroleum and Natural Resources, Amanullah Khan Jadoon, has said that investor-friendly policies introduced by the government had attracted an unprecedented investment of Rs70 billion in the CNG sector during the last seven years and this figure would double in the coming years. He said this while presiding over the 5th Board of Governors meeting of the Hydrocarbon Development Institute of Pakistan (HDIP) here today.
The Minister said that the government was focusing specific attention for exploring the vast untapped hydrocarbon deposits to meet the growing energy need of the country. He said that HDIP should gear up its research and development activities in line with promoting the energy sector, aimed at facing the emerging challenges in a befitting manner.
The Minister said that use of latest technologies and updated skills would not only enhance the deposits discovery rate in onshore and offshore areas but also cut-down heavy expenses being incurred by exploration and production companies. Jadoon lauded the contribution of HDIP for promoting the oil and gas sector at par with developed countries and underlined the need to provide know-how and guidelines to prospective investors in sitting up CNG testing and manufacturing units in the country which would save foreign exchange of $40,000 to 50,000 per each unit.