Govt is taking steps to increase foreign investment in petroleum sector by resolving key issues: Ishaq Dar

ISLAMABAD, Aug 18 (SABAH): Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar has said that  government is taking steps to increase foreign investment in petroleum sector by resolving key issues, being faced by the sector.

Presiding over the first meeting of a committee, constituted to deliberate the issues being confronted by the petroleum and industrial sectors in Islamabad on Sunday,  he expressed government’s strong determination to take every possible step for provision of all facilities to the foreign companies to attract further investment in the country.

The meeting discussed the recommendations to improve the financial system for off-shore exploration.

The Deputy Prime Minister directed the authorities concerned to resolve the issue of Circular Debt in the power sector on priority basis. He further instructed to prepare a framework to implement the recent amendments made in the Petroleum Policy 2012.

He also directed the Interior Division to prepare One Window mechanism to resolve security issues.

The Interior Division was also empowered to develop a one-window facility system at the federal and provincial levels to ensure security for operations in challenging areas.

During the meeting, private sector members of the committee expressed their concerns regarding the downstream gas sector and stressed the need to open up the sector to private companies to improve its sustainability.

The meeting directed the Petroleum Division to work closely with the industry and other stakeholders and to suggest appropriate amendments to the OGRA Ordinance to introduce a mechanism for the adjustment of gas rates on monthly or quarterly basis.