KARACHI, Oct. 4 – A Pakistani Ministry of Petroleum delegation engaged in productive discussions with energy leaders from China, Saudi Arabia, and the UAE during the ongoing ADIPEC energy industry event in Abu Dhabi. Their aim was to explore opportunities and cooperation avenues to enhance Pakistan’s power sector.
In June, Pakistan established a Special Investment Facilitation Council (SIFC) to accelerate decision-making processes and attract foreign investments, particularly from Gulf countries. SIFC has identified five priority sectors: energy, agriculture, mining, information technology, and defense production, as Pakistan grapples with a balance of payments crisis and the need for substantial foreign exchange to address its trade deficit and international debt repayment.
The Pakistani Ministry stated, “Minister Muhammad Ali is engaging with energy giants of the world to capitalize on opportunities and cooperation avenues to boost Pakistan’s energy sector.”
Minister Ali held a meeting with a delegation from the Abu Dhabi National Oil Company (ADNOC), the UAE’s state-owned oil company and the world’s 12th largest oil producer. Discussions revolved around LNG and crude supply.
Earlier, the Pakistani delegation met with representatives from ARAMCO, with a focus on mutual cooperation in exploration, digitalization of oil and gas wells, and other areas.
In a historic collaboration announced in July, Pakistan revealed plans for four government-backed oil and gas companies to partner with Saudi Aramco in a USD 10 billion Greenfield refinery project. This project will be strategically located at the Gwadar Port in Balochistan province, a vital component of the China-Pakistan Economic Corridor (CPEC).
Furthermore, the Pakistani Minister for Petroleum met with the Vice President of the China National Petroleum Corporation (CNPC) to discuss mutual interests and potential areas of future cooperation between the two countries.
These discussions and partnerships at ADIPEC signify Pakistan’s commitment to advancing its energy sector and attracting foreign investments, reinforcing its role in the global energy landscape.
