Gold prices – Petroleum Minister Musadik Masood Malik said on Wednesday that the government will improve local production of petroleum products, including gas and crude oil.
At an energy symposium, he said the government has blocked tenders and is actively trying to attract global players to exploration activities. He said Pakistan is open for business and committed to fully digitizing the regulatory process to increase transparency.
Malik highlighted the importance of the TAPI gas pipeline project, which he said would provide cheaper gas. He reaffirmed the government’s commitment to ensuring uninterrupted and affordable energy supply, recognizing it as a top priority. He said Pakistan currently spends more than $18 billion a year on energy imports.
The minister assured attendees that the government is accelerating oil and gas exploration within the country and welcomes foreign companies to invest in this sector. He said investment processes and information on oil and gas exploration have been digitized and simplified to facilitate this.
To reduce electricity tariffs, the government is working on several proposals, he said. By supplying local gas to efficient power plants, the cost of electricity could be reduced to Rs 12 per unit, compared to Rs 24 per unit when using LNG.
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Regarding the TAPI framework, he said funding for the project would be provided jointly by Pakistan and Turkmenistan. He highlighted Turkmenistan’s vast gas reserves and its limited market, mainly China, and proposed that European countries buy LNG from Turkmenistan to improve their energy security.
He acknowledged the high theft and losses in the gas sector, particularly in Balochistan, where gas losses have increased in Sui-Southern. Modern systems are being implemented to combat urban gas theft, including comprehensive monitoring of the gas network through technology.
He advocated for greater utilization of Pakistan’s abundant renewable energy resources, especially as the country’s solar energy costs have dropped significantly. He said multiple policies have been formulated to boost local production after a long period.Gold prices
He said Pakistan has proposed to European countries the idea of purchasing LNG from Turkmenistan, providing energy security to Europe. He explained that a gas pipeline will be built from Turkmenistan to Pakistan, from where the gas will be transported to Europe by train. He said a policy for shale gas and tight gas had been finalized.Gold prices