Caretaker Energy Minister Muhammad Ali while briefing the media said that the total revolving debt of the energy sector is Rs 5422 billion.
The revolving debt of the petroleum sector including interest is Rs 322 billion, while the revolving debt of the petroleum sector without interest is Rs 2300 billion. The Minister of Energy said that the revolving debt of the power sector is Rs 2400 billion rupees. The work was carried out on Iran Pakistan Gas Pipeline.
He further said that he did not know what the US wants regarding the IP plan.
Pakistan signed an agreement with Iran for a gas pipeline in the year 2009. Pakistan is bound to implement the gas project under the agreement.
Pakistan will now build 80 km pipeline within a year, he said that the caretaker government has worked on cheap energy, investment in energy sector has been the priority of the caretaker government. He said that reforms have been made for gas pricing, system 29 percent of imported gas is included in Pakistan’s annual petroleum group’s import bill of $17.5 billion.
Dependence on local energy resources is a priority, new gas fields are expected to produce 40 crore cubic feet of gas per day.
If domestic energy resources are not increased, the import bill will increase greatly
Production will increase from local oil refineries, new oil refining policy will increase investment in the country, he said.
An investment of 6.5 billion dollars is expected from the upgradation of local refineries.
