Govt working on new petroleum policy offering incentives to foreign exploration companies: PM

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ISLAMABAD, May 22 (APP):Prime Minister Imran Khan on Wednesday said that exploration remained a neglected area in past and in order to capitalize the existing potential of the sector, the Government was working on a new petroleum policy offering incentives to foreign exploration and production (E&P) companies and removing impediments in way to undertaking smooth and profitable business ventures. 

The Prime Minister stated this while talking to Chief Executive Officer Kuwait Petroleum Shaikh Nawaf Saud Al-Sabah, who along with his delegation, called on him at PM Office.

The Prime Minister Imran Khan appreciated company’s contribution towards imparting training to the local manpower in E&P sector.

Minister for Energy Omar Ayub Khan, Minister Energy Punjab Dr. M. Akhtar Malik, Secretary Petroleum Mian Asad Hayauddin and senior officers were also present during the meeting. 

Shaikh Nawaf Saud Al-Sabah briefed the Prime Minister about Kuwait Petroleum’s business ventures in Pakistan since 1980s in the area of exploration. He evinced keen interest in further expanding business activities in the country. 

The Prime Minister welcomed Shaikh Nawaf Saud Al-Sabah and his delegation to Pakistan and assured Government’s continued support to the company in their smooth business operations. 

The Prime Minister highlighted various steps that the present Government has taken for improving ease of doing business and facilitation of foreign investment. 

Minister Energy Punjab Dr. M. Akhtar Malik also briefed the meeting about various initiatives being taken by Punjab Government in Petroleum sector.