ISLAMABAD, Sep 2 (APP):Minister for Petroleum Omar Ayub Khan Monday underlined the need for promoting Research and Development (R&D) in the hydrocarbon sector in collaboration with academia aimed at achieving self-sufficiency in energy sector of the country.

“I am very happy to see the living example of collaboration with universities in oil and gas sector, but let’s take it a step further as well,” he said while addressing the launching ceremony of Pakistan Energy Outlook-2019 here.

The ceremony was organized by Petroleum Institute of Pakistan (PIP), which was attended by energy experts from across the country and abroad.

He termed the collaboration a ‘venture capital,’ citing examples of several countries where different companies in diverse fields adopted modern technologies, involved students and generated billions of dollars revenue, producing integrated technologies.

The minister said the new renewable energy policy had been drafted and presented to the quarters concerned for approval, while the new energy and exploration and production policies would be coming up in another month-and-a-half.