ICCI hails investment deals with E&P companies

  • February 24, 2010
Islamabad Chamber of Commerce & Industry (ICCI) has greatly lauded the government move of granting exploration rights to eight oil and gas exploration companies to explore more oil and gas reserves in 10 blocks of the country and termed it a positive step as it will help in overcoming the acute energy crisis which is taking a heavy toll on industry and overall economy.
Zahid Maqbool, President ICCI said granting exploration rights to the exploration companies is a landmark decision of the government as it will accelerate the pace of oil & gas exploration and will send a positive signal to international investors paving way for attracting multi-billion dollar investment in the country.

He said the great interest shown by local and international investors in oil and gas sector Pakistan is an ample proof that Pakistan is a safe and a very lucrative place for investment. He emphasized upon the government to extend full support to these investors which will act as an encouraging factor to prospective investors.

Zahid Maqbool was of the view that Pakistan is endowed with plenty of oil and gas reserves and urged the government to engage more oil and gas companies from private sector so that the country could fully exploit untapped potential in energy sector and could ultimately become an exporter of energy.

He also appreciated the dynamic role of Syed Naveed Qamar, Federal Minister for Industries and Mr. Kamran Lashari, Secretary, Ministry of Industries & Production in finalizing these investments deals. He said that oil and gas sector needed an aggressive leader for better development and added that Mr. Kamran Lashari is the right choice to put oil & gas sector on fast track growth.

He also congratulated M/s. BP Exploration & Production Inc, Eni Pakistan Limited, Shell Pakistan Ltd, Mari Gas Company Limited, Orient Petroleum International Inc, PPL, Saita Pakistan Private Limited and Zaver Petroleum Corporation Limited for getting exploration rights and hoped that their efforts will go a long way in making Pakistan a self-sufficient country in energy supply.