Oil and Gas Regulatory Authority (OGRA) Chairman Masroor Khan has said that Pakistan’s multi-billion-dollar energy sector offers tremendous investment opportunities for local as well as foreign investors.
During his keynote speech, on the second day of the 2nd Pakistan Energy Reform Summit 2022, Khan said that oil and gas including liquefied natural gas (LNG) are major components of Pakistan’s energy mix which constitute 75 percent of energy supplies. He said that oil business worth approximately $35 billion is carried out every year at the ports of Pakistan.
He elaborated that the gas reserves in the country are depleting but the government is taking initiatives to explore new resources and emphasis is being given to the import of LNG. He added that four virtual LNG licenses have already been issued and almost as many applications are in the pipeline to meet the demand.
The chairman said that a number of initiatives such as LNG terminals and virtual storage, construction of the cross-border gas pipeline for power generation, and promotion of liquefied petroleum gas (LPG) have been undertaken to minimize the shortage.
He emphasized that OGRA has been striving to address all these challenges and to attract private investments in the oil and gas sector by developing Third Party Access rules, network codes and issuing new White Oil Pipeline (WOP) licenses.
The chairman reiterated his commitment to implementing OGRA Ordinance in its true letter and spirit to attract private investment and provide a level playing field to the industry by promoting competition and protecting consumer interest.
He said that OGRA, as a regulator, has shown commitment to improving the ease of doing business in Pakistan.
