LAHORE, Aug 09 (APP):Federal Minister for Petroleum Ali Pervaiz Malik said that the government was committed to strengthening energy security, attracting investment, and ensuring transparency in the petroleum sector. Addressing a press conference here on Sunday, he said Pakistan’s next major destination after achieving strategic and diplomatic successes was sustainable economic progress. He also congratulated the nation on Pakistan’s 79th Independence Day and prayed that Allah Almighty grant every citizen …
Makkah agreement opens path to economic progress: Ali Pervaiz Malik
LAHORE, Aug 09 (APP):Federal Minister for Petroleum Ali Pervaiz Malik said that the government was committed to strengthening energy security, attracting investment, and ensuring transparency in the petroleum sector.
Addressing a press conference here on Sunday, he said Pakistan’s next major destination after achieving strategic and diplomatic successes was sustainable economic progress. He also congratulated the nation on Pakistan’s 79th Independence Day and prayed that Allah Almighty grant every citizen the strength to contribute to the country’s progress and prosperity.
He said the Makkah agreement, reached through the efforts of Prime Minister Shehbaz Sharif, Field Marshal Syed Asim Munir and Deputy Prime Minister Ishaq Dar, was a matter of national pride. He added that Pakistan had emerged as a net security provider in the region, while the combined strengths of Saudi Arabia’s economy, Turkiye’s technological advancement and Pakistan’s defence capabilities would contribute to regional stability.
Ali Pervaiz Malik said the government had taken difficult economic decisions that helped stabilize the country’s economy. He added that instead of discussions about default, the focus had now shifted to accelerating Pakistan’s economic growth.
Referring to international developments, he said the Iran-US conflict had created significant challenges for global energy markets, leading to unprecedented increases in crude oil and petroleum product prices. Despite these pressures, he said, the government ensured uninterrupted fuel supplies across the country and made every effort to protect consumers from the full impact of rising international prices.
The minister said the government remained committed to providing maximum relief to the public despite limited financial resources. He added that Prime Minister Shehbaz Sharif had introduced a transparent petroleum pricing mechanism, with all pricing calculations available on the Oil and Gas Regulatory Authority (OGRA) website.
Highlighting Pakistan’s energy challenges, Ali Pervaiz Malik said the country imported around 90 per cent of its energy requirements, while domestic oil production stood at approximately 70,000 barrels per day against a daily demand of around 500,000 barrels. He stressed the need to accelerate indigenous oil and gas exploration to reduce reliance on imports.
He said the prime minister and the field marshal had tasked a leading international company with preparing a comprehensive roadmap for the country’s energy sector, which would be presented to the national leadership in the coming months.
The minister said the federal cabinet had approved the refinery policy and the government was resolving long-standing financial issues facing the petroleum sector. He added that the flow of circular debt had been halted and efforts were underway to clear outstanding liabilities inherited from previous administrations.
Ali Pervaiz Malik said Turkiye’s Turkish Petroleum would soon commence offshore drilling operations in Pakistan’s territorial waters, paving the way for significant foreign investment in the energy sector. He also announced that LPG tenders would open on Monday and said the government had made arrangements to issue new gas connections to facilitate consumers.
