Hammad seeks Japanese investment in power, oil & gas sectors

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Islamabad

Reiterating the government’s strong commitment to further cement the existing ties between Pakistan and Japan, Minister for Energy Hammad Azhar has invited Japanese companies to explore the electricity transmission and distribution system for their investment, which offers good return on equity.

This was stated by the energy minister in a meeting with Ambassador of Japan Kuninori Matsuda who called on him on Monday, said a statement.

Hammad also stressed Japan’s assistance for technical studies for the off grid solution for areas like remote areas of Balochistan.

He also apprised the Japanese ambassador of the effective steps taken by the present government in substantially minimising the growth of circular debt from Rs538 billion last to Rs177 billion this year, which has greatly contributed in restoring the confidence of investors.

He said that due to the industrial support package coupled with economic policies, the electricity consumption has witnessed a 15 percent increase as compared to last year.

He said that Pakistan is opening new areas for oil and gas exploration through competitive bidding that will push massive exploration activities in the country.

He said that international companies including Japanese companies must participate in the competitive bidding as they are vital for massive exploration targets.

This would not only increase the local oil and gas productions but will also save a lot of foreign exchange now used for its imports, he added.

Kuninori Matsuda while appreciating the government of Pakistan’s policies in the energy sector apprised the minister that Japan has announced Asia Energy Transition Initiative (AETI) which encompasses US $10 billion financial support for renewable energy, energy efficiency, LNG and other projects.

He said that in October 2021, Japan will hold the Asia Green Partnership Ministerial Meeting (AGPM). He invited the Minister for Energy to participate in the meeting, which was accepted with a note of thanks.

Separately, in a tweet on Monday, Hammad Azhar said the government is restoring gas supply and pressure to all sectors from Monday while 100 percent supply of the regasified liquefied natural gas (RLNG) has also been restored.

“Forced power outages were completely ended from Friday evening,” he added.—TLTP

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