Progress will soon be seen on Iran-Pakistan gas pipeline project: Musadik Malik

ISLAMABAD, March 14 (SABAH): Minister of Energy Senator Dr. Musadik Masood Malik has said there will be no further increase in the circular debt at the close of this year.

Addressing a news conference in Islamabad on Thursday, Dr. Musadik Malik mentioned that the circular debt was around 2310 billion rupees at the end of last year.

The Minister of Energy said it will be our effort to bring down electricity generation cost, reduce line losses and check power pilferage. Doing so, he said, will help gradually bring down the electricity prices.

Dr. Musadik Malik said each public sector oil companies have been directed to establish a separate company for renewable energy. This, he said will help generate cheap electricity and protect environment.  He assured that reforms will be carried out in DISCOs to enhance their efficiency.

Responding to a question, Dr. Musadik Malik said progress will soon be seen on Iran-Pakistan gas pipeline project.

The Minister of Energy also enumerated steps envisaged by the government for the uplift of rural and urban areas.

He said it has been decided to provide direct subsidy to the farmers on fertilizers. He said provision of high yielding seeds and solar tubewells to the farmers will be ensured in order to enhance the productivity of agriculture sector. He said loans will also be provided for the establishment of farm industries in order to ensure maximum utilization of fruits and vegetables.

For the urban areas, the Minister of Energy said that a plan has been developed to provide IT related training to five hundred thousand youth.  He said banks will also be asked to provide loans for the promotion of small and medium industries.

Meanwhile French Deputy Head of Mission Guillaume Dabouis called on Dr. Musadiq Masood Malik to discuss potential avenues of collaboration in Pakistan’s energy sector. During the meeting, French officials expressed France’s keen interest in investing in various aspects of Pakistan’s energy landscape, ranging from LNG cargo provision to energy resource exploration, and projects aimed at enhancing energy trading, distribution, and transmission within the country. Additionally, the French delegation has conveyed their interest in initiatives directed towards reducing line losses and revitalizing Pakistan’s energy sector as a whole.

The minister, who received warm felicitations on his assumption of office by the French officials, reiterated his commitment to dedicating significant time and effort towards addressing Pakistan’s longstanding energy challenges comprehensively. Emphasizing a departure from piecemeal strategies, he assured that the new government would approach the International Monetary Fund (IMF) with a thoroughly prepared plan. Furthermore, he highlighted the importance of stakeholder consultations to ensure that any agreements made with the IMF align with the best interests of the Pakistani people.

Underlining the government’s broader economic reform agenda, the minister reaffirmed the Prime Minister’s unwavering commitment to overhaul key sectors, including Energy, Finance, Commerce, Industries & Production, and Communication. Ensuring the prioritization of IT and SMEs remains steadfast on the prime minister’s transformation plan. He emphasized that since agriculture serves as the backbone of Pakistan, the Prime Minister is profoundly committed to modernizing the agricultural sector by integrating AI and Machine Learning technologies.

To materialize the vision of the Prime Minister, every minister is determined to bring big changes for Pakistan’s long-term growth and prosperity. The discussions between the French Commissioner and the Minister of Energy signal a promising collaboration that holds the potential to address Pakistan’s energy woes while fostering mutually beneficial partnerships between Pakistan and France.