Energy security comes under govt focus

Federal Minister for Petroleum Ali Pervaiz Malik emphasized the government's commitment to bolstering energy security, attracting investment, and promoting transparency in the petroleum sector. Addressing a press conference in Lahore, Malik stated that post-diplomatic achievements, Pakistan's next major goal was sustainable economic growth.

He pointed out Pakistan's heavy reliance on energy imports, with around 90% of its requirements sourced from abroad, while domestic oil production amounted to approximately 70,000 barrels per day, against a daily demand of about 500,000 barrels. Malik stressed the urgency of increasing indigenous oil and gas exploration to lessen import dependence.

The Prime Minister and Field Marshal had instructed an international firm to draft a comprehensive roadmap for Pakistan's energy sector, slated for presentation to national leadership in the coming months. The federal cabinet had approved a refinery policy, and the government was addressing long-standing financial challenges in the petroleum sector.

Circular debt has been halted, and efforts are ongoing to rectify outstanding liabilities from past administrations. Malik revealed that Turkish Petroleum would soon commence offshore drilling in Pakistan's waters, signaling potential significant foreign investment in the energy sector. LPG tenders would open on Monday, and arrangements have been made to issue new gas connections to benefit consumers.

Malik congratulated the nation on Pakistan's 79th Independence Day, expressing hope that Allah Almighty would grant every citizen the strength to contribute to the country's progress and prosperity. The Makkah agreement, reached through Shehbaz Sharif, Syed Asim Munir, and Ishaq Dar, was hailed as a national pride. Malik noted Pakistan's emergence as a regional security provider and highlighted the combined strengths of Saudi Arabia's economy, Turkey's technological progress, and Pakistan's defense capabilities as contributing to regional stability.

The government had made tough economic choices to stabilize the economy, shifting focus from default discussions to accelerating economic growth. Despite the Iran-US conflict's challenges and subsequent increase in global crude oil and petroleum product prices, the government ensured uninterrupted fuel supplies and made efforts to shield consumers from the full impact of rising international prices.

The government remained dedicated to providing maximum relief to the public, even with limited financial resources. Prime Minister Shehbaz Sharif introduced a transparent petroleum pricing mechanism, with all calculations accessible on the Oil and Gas Regulatory Authority's website.