Liberal incentives on offer in downstream, refining petroleum sector: Naveed

ISLAMABAD, Sep 15 (APP): Minister for Petroleum and Natural Resources Syed Naveed Qamar said on Wednesday that there were excellent opportunities  under the current petroleum policy to investors that could  benefit to engineering companies interested to work  with them. This he said during a meeting  with a delegation of Samung Engineering Company Ltd. Korea led by Sung Chiyong, Vice President and  Yaqoob Tabani, Chairman Tabani Energy private Ltd.The delegation called on him to discuss prospects in the oil and gas sector particularly in refining and the downstream oil sector.The Minister while giving an overview of the downstream petroleum sector, he said that there were excellent opportunities available under the present petroleum policy to investors that could be of benefit to engineering companies interested to work along with them. He said that Pakistan possessed a huge market for refining the petroleum products and even a potential for their export.In addition to domestic crude production, newer discoveries had increased demand for more refining.
He said that a large number of petroleum products were being imported and therefore accelerating indigenous refining would decelerate dependence on imports for the same purpose.   He said that the atmosphere for investment was conducive and there was a liberal and attractive incentive package on offer.Elaborating on the incentives, he said the refineries could be set up according to investor choice and economics. Crude could be imported from their source of choice.
Refineries could set up their own marketing network and there was an excellent scope for marketing of petroleum products, especially diesel, furnace oil, motor gasoline, petrol, jet fuel etc. Besides, those products could be exported to China and the Central Asian Republics through sea and land routes. He said on top of that, there existed special incentive offer for setting up a refinery in the coastal belt of Gawadar and coastal areas of Baluchistan including a 20 year tax holiday.
Chung thanked the Minister for meeting him on a short notice and said that he planned to visit various oil refineries in the country while on his visit to Pakistan.The meeting was also attended by Director General Oil,Sabir Hussain – APP