Minister for Petroleum, Dr. Musadik Malik, announced that the government is considering setting up a greenfield refinery worth over $10 billion for the production of petroleum products and petrochemicals, on a 50:50 basis. The government is also in the advanced stages of finalizing an investment deal for the Reko Diq project.
Dr. Malik revealed that the government plans to create a blended gas pricing mechanism to lower power rates and provide a level playing field to all consumer categories. He also addressed the crisis in the oil industry, promising to investigate the matter and provide a solution soon.
Additionally, the government is working on attracting investments from various countries, including Saudi Arabia and China, for the establishment of a greenfield refinery. Studies are also being conducted on transitioning to electrification and electric vehicles.
With these initiatives in place, the government aims to improve the energy sector and provide affordable and sustainable energy options for the country.