ISLAMABAD, Aug 18 (APP):Minister for Petroleum Omar Ayub Khan formally launched the sale of Euro-5 Standard (Hi-Octane 97) fuel to tackle carbon emission and environmental issues here on Tuesday.
Addressing the launching ceremony, he lauded the flagship Oil Marketing Company (OMC) and Pakistan State Oil (PSO) for introducing Euro 5 standard fuels in Pakistan.
He said that after switching over to Euro 5 standard petrol, from January diesel standard would also be switched over to Euro 5 to achieve Prime Minister clean and green Pakistan vision. “Prime Minister Imran Khan is very keen on addressing the challenges related to climate change.
Introduction of Euro 5 standard fuels in a short length of time shows our commitment to cut down air pollution for a clean environment,” he said.
He said since its inception in 2018, Pakistan Tehreek -e-Insaf (PTI) government inherited host of problems including foreign reserves for only two weeks. “The credit goes to the prime minister for steering the country out of economic crisis,” he added.
He said economic activity was getting momentum owing to policies of Prime Minister Imran Khan.
Omar said the past governments were not serious to hold negotiation with Independent Power Producers (IPPs). Appreciating the owners of IPPs for revising power accords, he added it would help curtail circular debt.
The Council of Common Interest (CCI) has unanimously approved the Alternative Renewable Energy Policy (ARE) which would also help reduce dependence on imported fuel for electricity generation.
He said currently Pakistan was spending $ 16 billion on import of fuel but the ARE would change the entire energy mix. ” Pakistan will generate 70-75 per cent electricity through indigenous resources by 2030,” he said.
He said new technology was being introduced to explore new oil and gas reserves in the country.
Special Assistant to the Prime Minister on Petroleum Division, Nadeem Babar appreciated PSO’s initiative and said, “We are headed in the right direction and have taken key initiatives to overcome the challenges posed by climate change.
Upgrading fuel standards was a major step towards a cleaner, greener Pakistan, he added.
He said Euro 5 standard fuels would help minimize the negative impact on our environment owing to reduction in Sulphur and Benzene content by a staggering 98% and 80% respectively thereby reducing harmful vehicle emissions, providing health benefits and improving engine performance.
He said PSO must be applauded for moving the country towards a better future.
Earlier, in his welcome address MD and CEO PSO Syed Muhammad Taha said as Pakistan’s largest energy supplier, PSO was leading the sustainable energy revolution and exploring new ways to serve customers with a greater diversity of environment friendly fuel choices.
“With the launch of Euro 5 standard fuels, we aim to further strengthen the trust that millions of Pakistanis put in us every day. PSO takes pride in becoming the first oil marketing company to lead the country into an era of premium quality, environment friendly and high performance fuels,” the MD said.
He said the Euro 5 standard fuels significantly reduce emissions and contribute towards a healthy environment for our future generation.