Study Initiated To Set Up Gas Storage Facilities: SAPM
Muhammad Irfan Published November 01, 2019 | 07:19 PM
Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem Babar Friday said the government had initiated a feasibility study to set up gas storage facilities, which the country was missing for smooth supply of the commodity during peak winter and summer seasons
"Currently, we have the system of 5 Billion Cubic Feet (BCF) gas. The demand will increase to 7 BCF in next two to three years, but we have no gas storage system, which is a major problem for us," he said while addressing a press conference along with Ministers for Energy, Planning and Reform, Railways and SAPM on Information and Broadcasting here.
Accordingly, he said a study had already been initiated and requested the Chinese government to incorporate this scheme in China Pakistan Economic Corridor (CPEC) projects.
Commenting on the government efforts to step up oil and gas exploration activities in potential areas of the country, the SAPM said as many as 35 new exploration blocks would be awarded in next 12 months.
He said the bidding process to award 10-12 blocks would start in the coming month, while the same number of blocks would be offered during next summer and 10-12 more in December 2020.
For the purpose, Nadeem Babar said road shows had been arranged in Canada and America, besides "Our teams visited Russia. Now, we are planning to visit middle Eastern countries next week." He said Chinese investors were also being attracted to participate in oil and gas exploration activities in Pakistan.
The SAPM said at present 55 percent needs of diesel and petrol were being met through the import of petroleum products in the finished form, while 40 to 45 percent requirements were fulfilled by refining the crude oil at domestic refineries.
Nadeem Babar said the government was encouraging establishment of newoil refineries in the country and upgrading the existing facilities to achieve self-sufficiency in the oil refining sector.
He said upgradation of Pakistan Refinery Limited (PRL) was being planned at a cost of $1 billion and invited Chinese company to participate in this project.
Related Topics
Recent Stories
Delegation of international investors meets Finance Minister
Federal Govt stands with Balochistan for its development: Naqvi
UAE President receives condolences of Prime Minister of Pakistan over passing of ..
ECC approves to enhance wheat procurement targets
UN urges Israel to 'stop escalation' as tanks enter Gaza's Rafah city
EU stumps up $125 mn for Yemen after aid groups' plea
Governor Tessori condemns May 9 riots, calls it a 'pre-planned conspiracy'
PM condoles with UAE President over Sheikh Tahnoun’s death
Milan nets Giro 4th stage, Pogacar retains lead
UBS back in profit after Credit Suisse takeover losses
Asiya Gul lauds Shafaat's services as DG LG
President for dialogue with all political forces in Balochistan
More Stories From Business
-
Delegation of international investors meets Finance Minister
7 hours ago -
ECC approves to enhance wheat procurement targets
7 hours ago -
UBS back in profit after Credit Suisse takeover losses
7 hours ago -
Minister for Planning, Development and Special Initiatives Ahsan Iqbal leaves for China
9 hours ago -
Stock markets mostly rise on lower rates optimism
9 hours ago -
AFD mission visits Faisalabad, gets updates of various projects
9 hours ago
-
Pakistan and China deepen collaboration on CPEC Phase-2
9 hours ago -
Stock markets mostly rise on lower rates optimism
9 hours ago -
Pakistan’s dairy, beef sectors need to be transformed through precision farming
9 hours ago -
Ch. Shafay chairs meeting of Price Control Council
10 hours ago -
Justice (R) Khilji advises business community to settle disputes via mediation
10 hours ago -
Bahawalpur Chamber's delegation calls on PIEDMC Chairman
10 hours ago