Pakistan and Iran about to finalise gas line project: Dr Asim

[LahoreEstate]

RECORDER REPORT
KARACHI (May 19 2009): After India's exit from the Iran-Pakistan-India (IPI) Gas Pipeline Project, Pakistan and Iran are about to finalise the project, which has become Iran-Pakistan (IP) Gas Pipeline Project. Advisor to the Prime Minister on Petroleum and Natural Resources Dr Asim Hussain said this while talking to media at the inaugural ceremony of a four-day "Pakistan Oil, Gas and Energy Exhibition and Conference 2009" (Pogee-09) at Karachi Expo Center, here on Monday.

"I will visit Iran to finalise the remaining issues with the Iranian authorities relating to this important project soon," he said. The construction work on the project would start during the current year, he added. Dr Asim pointed out that prices of petroleum products and gas would be reduced this week. "I am unable to tell the exact date and the amount of relief, however, I can say that the prices would be reduced any time during this week," he added. He said that he will be visiting Iran this month to discuss Iran-Pakistan (IP) Gas Pipeline Project with the Iranian authorities.

He said that progress on Turkmenistan-Afghanistan-Pakistan-India Gas Pipeline Project is satisfactory. He admitted that Pakistan was facing severe energy crisis, however, the government and his ministry have planned a strategy to address the issue. He said that work on Thar Coal Project would start soon.

He said that drilling in various fields would start by different oil and gas exploration companies during the current year. He said the government was collecting Rs 13 billion per month on account of Petroleum Development Levy (PDL) and after reduction in POL prices, this amount will reduce substantially. However, he said, the government will bridge this gap with other resources.

Dr Asim Hussain in his speech at the opening ceremony expressed his pleasure on the participation of foreign companies in the event. He said that Pakistan is producing 70,000 barrels of oil against the requirement of 370,000 barrels, while the production of natural gas is 3.9 BCF.

The adviser brought to light the issues of the Iranian and Turkmenistan gas pipeline projects. He said that the Iranians have completed the pipeline close to the border, which will be completed within a short span of time. Dr Hussain also announced the ministry's hydrocarbon vision for the next 20 years. Later, Dr Asim Hussain inaugurated the 7th Pakistan Oil, Gas and Energy Exhibition & Conference - Pogee 2009 and the 5th International Fire and Security Exhibition & Conference - FIRE & SECURITY Pakistan 2009.

The inaugural ceremony was also attended by Farhat Hussain, President of Fire Protection Association of Pakistan (FPAP); Abdul Sami Khan, Chairman CNG Dealers Association and Pakistan Petroleum Dealers Association; and Aasim Haq, Director SAP Pakistan.

Farhat Hussain, speaking on the occasion, stressed on acquiring latest equipment and technology for fire fighting. He said that exhibitions such as fire and security provide a perfect platform to achieve such objectives. Abdul Sami Khan praised the decision of the Supreme Court for reducing the price of petrol and CNG and stressed on the need to hold high-level meetings to resolve the energy problems.

Asim A Siddiqui, Chairman and Managing Director of Pegasus Consultancy - the event managing company- in his address of welcome said that the aim to organise such exhibitions is to attract more foreign investors and foreign direct investment in the country.

He said that such exhibitions play key role in building the image of the country globally. "Pakistan is one of the largest gas producer and also a consumer in the world. There is much potential to explore more reserves in the country. "We can convey our massage globally that there is much potential in Pakistan in the oil, gas and energy sector.

He said that it was the fifth exhibition being organised by them during the current year. The ceremony was largely attended by the diplomats, industry leaders and professionals and exhibitors. Pogee and FIRE & SECURITY Pakistan 2009 are together playing host to more than 300 companies from 31 countries including China, Iran, Austria, UAE, UK and the US.

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