$100m More EU Investments in Petroleum Sector Likely
09.02.2019 - NEWS

September 02, 2019 [The Nation] – Spokesman of Prime Minister for Trade and Investment for United Kingdom (UK) and Europe Sahibzada Amir Jahangir on Sunday said that around $100 million new investment were expected to come in petroleum sector.

Petro chemical, oil storage and oil infrastructure would the major fields wherein the big energy sector companies are ready to invest, Sahibzada Amir Jahangir told APP here.

He said that recently a high level delegation of world largest private sector Oil company ‘VITOL’ headed by senior director Chris Bake including their two senior board directors had visited accompanied by to Pakistan for negation with local authorities on further plan of action.

Amir Jhangir said that during the visit the delegation met to Prime Minister Imran Khan and other relevant officials of ministries and division. He informed that VOTOL group’s senior director Chris Bake had immense appreciation for the PM for tackling the corruption and lifting the damaged economy.

He assured the PM that Vitol has always shown interest in the development of Pakistan and has plans to invest in future in Pakistan on oil related projects such as Oil Storage and other infrastructure.

He said that the meeting was also attended by Chairman of HASCOL Petroleum which operates over 600 gas stations in Pakistan. He said that Successful meetings were conducted with the ministers of Petroleum, Energy, and Finance and with Chairman of Board of Investment (BOI).

PM spokesman said that last month, he had accompanied with the known Australian Investor and philanthropist Andrew Forrest, to meet the Prime Minster, Imran Khan and other relevant government official for bringing investment in Copper and Gold Mining.

He said that Andrew Forrest’s company is the second largest producer in the world of Iron Ore, Copper and Gold Mining. In meeting with Prime Minister,Imran Khan, he praised the PM for his honest leadership and his commitment to eradicate corruption from Pakistan.

Forrest emphasized in the meeting that though his lawyers had cautioned him from making any commitments but he wish to be placed on record that he would generously assist and help Pakistan in the three fields.

Assist financially in eradicating Polio and would next month bring his own young son and will take him to the borders and inject polio medicine before the public in order to remove apprehension about Polio medicine.

Secondly his charity Minderoo established in 1878 will financially help in the childcare and lastly in the coming months Forrest will invest massively in Water Treatment Plants which will provide clean drinking water to the people.

He said Pakistan Tehreek-e-Insaf (PTI) government had made a model to attract foreign investors in the country. He said that cheap labour of 100 million youth was available in the country besides lot of natural resources. International companies like Indoforce were willing to invest in Pakistan.

He said there was only need to project these resources before foreign investors to convince them to invest in Pakistan.

The spokesperson said that over 3.5 million Pakistanis were living in Europe and were sending $12 billion annually in shape of foreign remittances to the country. He said over 8.5 million overseas Pakistanis were living all over the world and they were sending over $ 20 billion remittances to the country annually.

He expressed the hope that foreign remittances would increase further as confidence of overseas Pakistanis were increasing due to prudent policies of PTI government.

Amir Jahangir said that Pakistan economy was improving due to positive indicators, like current account deficit was at lower level and foreign remittances were increasing. “When PTI government came into power, the economy of the country was in crisis due to corruption, money laundering and incompetency of previous governments,” he added.

The spokesperson said the PTI government had to take unpopular decisions to sustain national economy in its first year, adding there was need to improve governance system of the country and performance of every ministry was being monitored in that regard.

To a question, he said tourism of the country had great potential, adding the present government was taking measures to develop it as industry.

Amir Jahangir said Pakistan would participate in World Tourism Seminar in November this year adding that the country’s tourism’s potential would be projected and marketed in the seminar.


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