Petroleum minister Nouraiz outlines foreign investment needs in Pakistan

May 3, 2004
Pakistan's Federal Minister for Petroleum and Natural Resources has invited foreign investors to participate in a $1 billion oil refinery, exploration blocks, and gas storage facilities in Pakistan.

By an OGJ Correspondent
KARACHI, May 3 -- Pakistan's Federal Minister for Petroleum and Natural Resources Nouraiz Shakoor, at a press conference, invited foreign investors to participate in a $1 billion oil refinery proposed for Pakistan, in exploration blocks, and in gas storage facilities at Gwadar for Balochistan Province and in storage facilities for the hilly areas of the country.

Saying there was a need for both upstream and downstream investment in Pakistan's oil and gas sector, Nouraiz said he hoped in fiscal year 2004-05 to surpass the record $800 million provided by foreign investors in all sectors of oil and gas in Pakistan during fiscal year 2003-04.

He said the feasibility study for the $3 billion Turkmenistan-Afghanistan-Pakistan oil pipeline would be completed by June, and the project would begin by yearend 2005. Nouraiz said that a consortium of companies would be formed later this year to fund the pipeline.