Staff Reporter
Islamabad
Minister for Power Division Omar Ayub Khan on Friday said that the government had fixed a target to generate 70-80 per cent electricity from local resources by 2030 in order to save precious foreign reserves besides reducing burden of current account deficit.
Addressing at joint press conference along with Ministers Makhdoom Khusro Bakhtiar, Sheikh Rashid Ahmed, Special Assistant to the Prime Minister on Information and Broadcasting Dr Firdous Ashaq Awan and Special Assistant to PM on Petroleum Nadeem Babar, he said Pakistan had huge potential to generate electricity from solar, wind and hydel. Joint Market Strategy was being carried out with assistance of China to set up energy generating projects in various parts of the country, he added.
The minister said share of Renewable Energy (RE) in the total energy mix would be enhanced to 20 per cent by 2025 and 30 per cent by 2030. Around 30 per cent would be generated by hydel and 10 per cent by nuclear till 2030, he said.
He said negotiation was also being underway with China for up-gradation of Pak-Arab Oil Refinery, Petro-Chemical Plant and exploration of oil and gas in various blocks. Oil and Gas sector and other energy projects have $ 120 billion market in Pakistan and foreign investment was pouring in the country, he said.
Omar said investors were also keen in investing in Advanced Metering Infrastructure (AMI)-metering projects.
Federal Minister for Planning, Development and Reform, Khusro Bakhtiar said Friday that the government had uplifted the China Pakistan Economic Corridor (CPEC) to new highest as there had been multifold increase in its volume to promote development and progress of the country.
The minister was addressing a press conference here to brief the media persons about the agenda of upcoming 9th Joint Cooperation Committee (JCC) meeting scheduled between Pakistan and China this week.
The minister was flanked by Federal Minister for Railways, Sheikh Rashid Ahmad, Federal Minister for Power, Omar Ayub, Special Assistant to PM on Information and Boardcasting, Firdous Asiq Awan and Assistant to Prime Minister on Energy, Nadeem Babar.
The minister said that many important and mega projects were scheduled to be discussed in the meeting, particularly he mentioned the Railway revamping project under which the old system would be replaced by new and modern railways system to ensure fast-tract development.
The minister said that progress and development of Pakistan was directly linked to ports and costal belts, hence special focus was being given to develop these areas, adding that the Gwadar Master Plan would be ready by November 6. He said that discussion for financing to complete Islamabad-Quetta motorway project would also be held in the JCC.
The minister said that the meeting would also finalize the dates for inaugurating various Special Economic Zones that would help bring into investment from China and other countries of the world.