United States on Wednesday offered help in Pakistan’s energy sector and said the details of the projects where economic cooperation could be enhanced are being worked on. Wilbur Ross, Secretary Commerce of the United States of America, made these remarks in a meeting with Adviser to the Prime Minister on Finance and Revenue Abdul Hafeez Shaikh here at the Finance Division.
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In line with the mutual desire on the part of both US and Pakistani leadership to intensify economic engagement with particular focus on trade and investment, Wilbur Ross, undertook a bilateral visit to Islamabad on 26th February, 2020. The said visit was outcome of recently held discussions of Prime Minister Imran Khan and President Donald Trump to promote bilateral trade and enhanced economic engagement.

The adviser welcomed the secretary commerce and said that Pakistan and United States had maintained a durable relationship over the years and there was a need to build it further. The Adviser said that the arrival of the delegation from the commerce sector is good news for Pakistan and would have positive consequences for the country. “This is at a time when the government is looking forward to a major boost in exports after offering concessions to the export oriented sector of Pakistan.”

The adviser said that Pakistan was trying to carve out a new progressive image in the comity of nations. “We have tried to follow the FATF action plan to a significant level, opened our markets to the foreign investors by providing ease of doing business and we are trying to build our image as a tourism-friendly and investment-opportunity country in the region.” The adviser also shared the updates on the economy with the US Secretary of Commerce. He said that though the country is trying to revive the economy through stabilization reform and inviting foreign investment to the country as well as taking care of its vulnerable, the rising prices of food items, high energy prices and slow revenue generation were issues that concerned him.

He said that the government’s efforts are directed towards providing ease to the common man and it would require guidance from its global partners as well. The trade between the two countries is only around $7 billion and the country has an urgent need to increase that to help in GDP growth which requires long term planning for economic development. He said that we have made a mistake in the past of not forming our alliances on the economic front based on our developmental requirements. He felt this was the time to enable the relationship to become more long lasting on a firm footing. The Adviser said that he hopes that a healthy interaction shall continue in future as well.
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US Secretary Commerce also met Abdul Razak Dawood, Advisor to Prime Minister on Commerce, Industries & Production and Investment. The issues related to bilateral trade and enhanced market access to Pakistan were discussed. The Adviser told the visiting delegation that after achieving economic stability, the government under the leadership of Prime Minister Imran Khan is now focusing on job creation and export augmentation by encouraging foreign investments. He suggested that this is high time for US companies to invest in Pakistan. He also took up the issue of early convening of the long awaited 9th session of Trade and Investment Framework Agreement (TIFA) meeting as well as the visit of US business delegation to Pakistan to participate in the Business Opportunities Conference in order to forge a better networking among the private sectors of both countries. The adviser also suggested that the U.S. International Development Finance Corporation (IDFC) should help in developing of new businesses in Pakistan. Wilbur Ross said that his visit to Pakistan is part of his government’s desire to increase trade relations with Pakistan. He also believed that such links between both the counties would not only enhance trade but encourage further expansion of ties in all fields of economic engagement. About IDFC assistance, Secretary Ross sounded positive and suggested that Ministry of Commerce should propose projects in this regard.

US Secretary of Commerce also called on Minister for Energy, Omar Ayub Khan. The energy minister gave an overview of Pakistan’s energy sector and the present government’s earnest endeavours in reforming this sector. These efforts are being personally overseen by the Prime Minister of Pakistan himself. Omar Ayub Khan called for greater US investment in energy sector including areas such as power generation, transmission and distribution, artificial intelligence, renewable energy, hydel energy and training opportunities.

The minister also reaffirmed Pakistan’s commitment to cleaner fuels and green energy. The Special Assistant to Prime Minister on Petroleum, Nadeem Babar informed the visiting side on key actions taken to improve ease of doing business in Pakistan. SAPM also shared how more US investments could be incremental in improving the business relations between both the US and Pakistan. Wilbur Ross said his visit to Pakistan is part of the US government’s desire to increase trade links with Pakistan. He also believed that such links between both the counties would not only enhance trade but encourage further expansion of ties in all fields. Both the sides agreed to step up cooperation in the energy sector.

Source: nation.com.pk

As the government of Pakistan moves to divest shares of local companies, it has invited Malaysia, and its strategic partners, to participate in the process as well as to look at the LNG infrastructure development opportunities. The government also invited their participation in the auction of oil and gas blocks.

Federal Minister Omar Ayub Khan invited Malaysian investors to fully participate in the auction of oil and gas blocks that will be offered to foreign investors shortly with 18 initial blocks in the first phase.

He said this during a meeting with High Commissioner of Malaysia Ikram Muhammad Ibrahim, who called on the minister and Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem Babar on Monday.

Babar also shared the possibility of Petronas acquiring divested shares from the Oil and Gas Development Company (OGDCL), Pakistan Petroleum (PPL) and Mari Petroleum that will be divested to shared partners. He encouraged Petronas to also look favourably at LNG infrastructure development opportunities in Pakistan. He was of the view that Malaysian investors can benefit in areas such as LPG, refinery upgrade etc.

The high commissioner apprised the minister and SAPM about preparations being undertaken for the upcoming visit of Prime Minister Imran Khan to Malaysia. Both the government officials also apprised the envoy about the structural reforms being carried out in the energy sector of the country, with a special focus on ensuring ease of doing business.

While applauding the initiatives, Ibrahim said that Malaysia considered Pakistan in general and particularly the energy sector as having great potential. He was also optimistic on Petronas establishing a strong presence in Pakistan in a cross section of the country’s energy industry.

Divestment of OGDCL’s shares

The government has recently short-listed financial advisers for the divestment of shares. Earlier, rumours pertaining to the transaction led to a plunge in OGDC’s stock price. There had been rumours that the government would offer shares for divestment at a discount of 10%. The finance ministry took strong notice of the situation and also conveyed its concerns to the Privatization Commission and the Securities and Exchange Commission of Pakistan (SECP).

“Following such a situation, the government should offer shares to strategic partners like exploration companies that would also make investment in exploration activities,” background discussions with officials revealed.

The Privatization Commission is in process of finalising appointment of a financial adviser for divestment of up to 7% of its shares in OGDC to meet conditions of the International Monetary Fund (IMF).

It is worth mentioning that in 2014, the Pakistan Tehreek-e-Insaf government in Khyber-Pakhtunkhwa had challenged the Pakistan Muslim League-Nawaz (PML-N) government’s decision of selling 10% shares in OGDC at Rs210 per share or $2 per share in the Peshawar High Court. At the time, the PML-N had appointed the Bank of America Merrill Lynch, Citigroup, and Pakistani broker KASB Securities as financial adviser for execution of the deal. The Privatization Commission had also approved the minimum price/floor price of Rs216 per share for the transaction.

Now, the same commission is working on a lower price with almost same profitability of the company as seen in 2014. The commitment from foreign investors to buy complete 10% share at Rs205 per share remained unmaterialised due to strong protest from the opposition.

The company’s profitability at that time was almost same as in current scenario but this time due to the deteriorating economic conditions it is currently trading at a significantly lower price than its fair value.

OGDC had reported a net profit of Rs124 billion and Rs87 billion in 2014 and 2015, respectively. In 2019, the company reported a profit of Rs119 billion. Moreover, the previous government had offered the share at price-to-earning/price-to-book 8.1/2.3 and now the current government was offering it at PE/PB 5.2/1.0. If the deal is executed at these levels it will cost losses worth Rs20 billion to the national exchequer, said officials.

In order to meet the IMF requirements, the government is also looking for government-to-government deals and has offered Russia, China and Saudi Arabia strategic partnership in OGDC and PPL. Given the strategic importance, it would be more beneficial for Pakistan if a government-to-government deal happens that will bring operational efficiencies in these companies and by increasing exploration activity in un-penetrated areas it will reduce significant reliance on petroleum products imports, said officials.

OGDC is currently trading at a significant discount to its fair value. In a recent strategy report published by Foundation Securities, a Karachi based brokerage house, that have reported that fair value of OGDC would be around Rs242.8 per share in December 2020.

By selling OGDC shares in the stock market it will decrease the government’s shareholding, which is around 85% to 78% and will increase shareholding of private parties. It will also allow them to appoint a director on the board as OGDC has 10 board of directors and will require 10% vote for director appointment, officials said.

Source: Tribune.com.pk

The Federal Board of Revenue (FBR) has granted concessionary rate of customs duty or zero percent duty on the import of 6,786 items from China with effect from January 1, 2020. The FBR has issued SRO 1640(I)/2019 here on Tuesday in supersession of notification SRO 659(I)/2007, dated the 30th June, 2007.

According to the SRO 1640(I)/2019, in exercise of the powers conferred by section 19 of the Customs Act, 1969, and in supersession of notification SRO 659(I)/2007, dated the 30th June, 2007, the federal government has exempted, with effect from January 1, 2020, unless specified otherwise, the import into Pakistan from China of the goods specified from so much of the customs duty specified in the First Schedule as on the 1st January, 2020.

Provided that the goods are manufactured or produced and imported in conformity with the Rules of Determination of Origin of Goods and the operational certification procedures for the Rules of Origin notified by the Ministry of Commerce vide SRO 1286(I)/ 2005, dated 24th December, 2005 read with the Import Policy Order, 2016.

The reduced rate of duty, fixed rate or zero percent duty would be applicable on the import of crude oil (Rs 8000/MT), palm stearin (Rs 9050/MT), RBD Palm oil (Rs 10800/MT), palm olein (Rs 9050.0/MT), pure breeding animals, meat of goats, fish, yogurt, whey powder, butter, dairy spreads, cheese, honey, vegetables, mushrooms, green tea, black tea, rice, beverages, gold, silver, varnishes, artificial staple fibers, vehicles parts, satellite communication equipment, radio navigation apparatus, parts/accessories for cable TV/satellite receivers, energy saving lamps, cameras, energy saving tubes, components for the assembly/manufacture of vehicles in any kit form and other items specified in SRO 1640(I)/2019.

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• Bhit Photovoltaic Plant has a 10MW peak capacity and is expected to produce approximately 20GWh annually.
• The plant will allow to avoid 144,000 tonnes of CO2 equivalent emissions during its life.

Italian oil and gas giant Enihas inaugurated on Friday the Bhit Photovoltaic Plant in Pakistan, through its subsidiary Eni New Energy Pakistan.

This is Eni’s first solar project in the country. The plant, built in proximity to the Bhit Gas Plant, aims at supporting the upstream operations by providing green energy in an off-grid configuration.

As per the company statement, the Bhit Photovoltaic Plant has a 10MW peak capacity and is expected to produce approximately 20GWh (Gigawatt hours) annually. The output energy will be used on site, reducing gas consumption and avoiding around 144,000 tonnes of CO2 equivalent emissions during plant life.

The photovoltaic plant works in full synergy with the existing power generation system of Bhit gas treatment plant, optimising operational costs with the shutdown one of the existing gas turbines. Exploiting all the synergies in place with its presence, Eni has achieved a short time-to market, with a start-up reached only 6 months after the Final Investment Decision (FID).

“Bhit Photovoltaic Plant, while adding extra value to the traditional operations held in Pakistan, confirms Eni’s commitment towards a low-carbon scenario in which renewable energy plays a pivotal role and is fully integrated in the energy mix,” read the statement.

Earlier, Minister for Energy Omar Ayub said that Pakistan had investment potential of $40 billion in the sector of alternative energy. Pakistan in future could produce 75 percent of electricity from its own indigenous sustainable resources without importing fuel like oil and gas

Eni has been present in Pakistan since 2000 and operates in the upstream sector, where the main permits in the country are Bhit/Badhra (Eni operator with a 40% interest), Kadanwari (Eni operator with 18,42% interest), Latif (Eni 33,3%), Sawan (Eni 23.68%), Zamzama (Eni 17.75%) and Miano (Eni 15,16%). Eni is the Operator of three offshore blocks and is also active in the Midstream sector.

Source: www.brecorder.com

• Pakistan’s target of achieving green energy of 64pc by 2025 are very ‘real’, said special assistant to PM on Petroleum Division.
• Pakistan is now working on hybrid plants, which would have both solar and wind plant at the same site.

With the intention to go green, Pakistan has set itself an ambitious target to achieve 75 percent of green energy in a time span of ten years.

Nadeem Babar, special assistant to the Prime Minister Imran Khan on the Petroleum Division, said that the present government has completely changed the paradigm for energy.

“By 2025, we will have 53pc green energy. By 2030, we will have 64pc green energy. Green means renewable, wind, solar, biomass and hydel. If I add nuclear to it, which is another 10pc, to get the non-fossil category, the number goes up to 75pc. We feel very comfortable with 2025 target,” Babar said at the Abu Dhabi International Petroleum Exhibition Conference, quoted Khaleej Times.

The actions are part of government’s plan to tackle the country’s issues of energy crisis, said Babar. “In Pakistan, we have launched two streams – one is to have huge increase in footprints of renewable and cleaner energy and at the same time we need to reinvigorate our gas industry. In addition to the renewables stream, we are opening our E&P sector big time. We are demolishing regulations, removing approvals and opening it up – launching round of 40 blocks in next 12 months. The first one will start next month.”

Babar added that the ambitious targets of achieving green energy of 64pc by 2025 are very ‘real’. “We have large footprint of hydel generation. If managed properly, it can be mid-merit rather than peaking. Of the 64pc target, half of it is hydel and half is wind and solar. Now what we are doing is working on hybrid solar and wind,” he said.

The hybrid plants would have both solar and wind plant at the same site on combined basis, Babar added.

Earlier, Alternate Energy Development Board (AEDB) reportedly approved at least six wind power projects funded by the World Bank, meanwhile just days ago, the federal cabinet had approved electric vehicle policy that would open new vistas of business and employment.

Under the policy, the target set for next four years was to convert 100,000 cars and 500,000 two and three wheeler vehicles on electric cars. Special Economic Zones (SEZs) have been proposed in the policy to establish local electric car manufacturing units.

Meanwhile, only one percent duty would be charged on battery run vehicles spare parts, which at present stand at 25pc.

Source: www.brecorder.com

• The project was conceived in 2016 and after the completion of feasibility studies it was approved and publicly announced in 2017.
• The 900MW RLNG project will be a highly efficient combined cycle plant with an efficiency of around 60%.
• KE is already in negotiations with relevant stakeholders for import of 500MW from the under-construction nuclear power plants KANUPP II & III

The construction of K-Electric’s $650 million 900MW RLNG-based Bin Qasim Power Station (BQPS)-III will commence in December 2019, Karachi Electric said in a statement on Monday.

In a statement, the power supplying company said that the project has received all required approvals and is part of KE’s planned initiatives resulting in investments of around US $3 billion across the power value chain over the next few years.

The project was conceived in 2016 and after the completion of feasibility studies it was approved and publicly announced in 2017.

It said although the project timeline has been affected due to delay in finalisation of KE’s multi-year tariff, the power utility is determined to execute it on a fast track, and according to the project contracts signed last month, the plant is expected to start producing electricity by summer of 2021.

According to Moonis Alvi, CEO, KE, “The project is a major private sector investment in the country’s power sector and is in line with K-Electric’s vision of diversifying its fuel mix besides enhancing generation fleet efficiency. We have also re-negotiated the terms of the contract and the first unit of 450MW will be commissioned in only 19 months instead of 24 months, thus greatly reducing the time in which Karachi will start reaping the benefits.

The 900MW RLNG project will be a highly efficient combined cycle plant with an efficiency of around 60%. In addition to bridging the demand for electricity, this plant will also enable us to gradually phase out some units of the aging and less efficient BQPS I plant which have been in service for more than 25 years.

After completion, BQPS-III will result in lower import costs for the government, affordable power for consumers and a much smaller carbon footprint as compared to furnace oil power plants.”

KE continues to move ahead in enhancing generation capacity, both through its own sources as well as independent power producers (IPP) and remains committed to continue investments across the value chain, which will further improve operational performance, thus benefitting consumers.

KE is also actively pursuing the 700 MW coal-fired plant being built in collaboration with China Machinery Engineering Corporation (CMEC). KE has also been actively engaged with the relevant stakeholders for additional off-take from the national grid; however after a detailed study it was intimated to both KE and the Ministry of Energy that national grid could not provide the requested MWs from the existing interconnection infrastructure, on account of overloading and system stability concerns.

Additionally, KE is already in negotiations with relevant stakeholders for import of 500MW from the under-construction nuclear power plants KANUPP II & III and if this additional 500MW is made available to KE, the power utility stands ready to invest in interconnections to evacuate that power to replace the remaining inefficient power plants. However, construction of interconnection facilities will take at least two and a half years following the receipt of required approvals which will also take their due time. So given the robust due diligence, current technical limitations to off-take additional power from the national grid, demand supply gap, transmission situation, efficiency and all related factors – the upcoming 900MW RLNG power plant is very crucial for Karachi and KE is committed to commission the project as soon as possible.

Source: wwww.brecorder.com

ISLAMABAD: After getting a liquefied natural gas (LNG) supply contract from private-sector consumers, US energy giant ExxonMobil is planning to build the third LNG terminal in Karachi as a joint-venture partner.

Some time ago, ExxonMobil, in collaboration with Pakistan’s exploration and production companies, drilled an offshore well to search for hydrocarbon reserves in the Arabian Sea. However, the effort could not prove successful.

Now, in a new venture with Energas consortium, the US firm is going to invest in setting up an LNG terminal in Pakistan. Earlier, ExxonMobil, the world’s largest publicly traded oil and gas firm, had inked an agreement with Universal Gas Distribution Company (UGDC) – an association of CNG station owners and operators – for LNG supply.

This came after the Pakistan Tehreek-e-Insaf (PTI) government allowed the private sector to utilise the idle capacity of existing LNG terminals and pipelines of public gas utilities. It will break the monopoly of public-sector companies and the private sector will be able to bring LNG at cheaper rates.

Of the five interested companies, only two – Energas and Tabeer Energy (Mitsubishi) – submitted applications on Friday, seeking Letter of Intent (LOI) from the Port Qasim Authority (PQA) for building the third LNG terminal.

At present, two LNG terminals with a total capacity of 1.3 billion cubic feet per day (bcfd) are operational. The new terminals will be built without government guarantees.

PQA’s final date of acceptance for the LOI was October 25. Energas, a consortium led by Lucky Cement and Sapphire – is likely to win the contract.

Energas has been working with ExxonMobil in Pakistan and is a buyers’ consortium with LNG demand from independent power producers (IPPs), textile, cement, and automobile manufacturing plants.

The consortium, which also includes Halmore, plans to build the terminal in collaboration with ExxonMobil.

The successful company will have to pay a fee of $10 million and build the terminal within 24 months. Any future terminal will have to meet these conditions. This concession fee will be used to widen and deepen the existing channel.

The construction of the third terminal at Port Qasim will put some pressure on the existing terminal operators as the new terminal will be built without any financial commitments from the government.

Officials told The Express Tribune that Engro, which was operating the first LNG terminal, did not participate in bidding for the third terminal as it wanted to expand the capacity of its existing terminal. It has the required land and has planned to set up an onshore LNG terminal as well.

Turkish firm Global Energy also did not take part in the bidding process. According to sources, Global Energy has conveyed to the PQA that it had already secured an LOI in 2011 under the then LNG Policy 2011.

The company has also acquired land and has a valid licence from the Oil and Gas Regulatory Authority (Ogra). It has already conducted surveys and has a valid performance bond. Therefore, the company is working on the LNG terminal in compliance with the LNG Policy 2011.

However, private-sector investors have raised concern over government conditions. Under the new contract terms, private-sector companies will build the LNG terminal at their own risk without any government guarantee. The government, however, will collect a higher fee of $10 million.

In addition to that, the terminal building company will have to submit a performance bond worth $10 million. It will also have to give an LNG offtake guarantee for 250 million cubic feet per day and will have to submit a performance bond worth $3 million in this regard.

• In the power sector, Saudis are helping us install 500 megawatts renewable energy projects worth $4.5 billion in Baluchistan and a $10 billion mega oil refinery in Gwadar.
• “The refinery would have a 250,000 to 300,000 barrels per day capacity that would help Pakistan cut its annual crude oil import bill by nearly $3 billion.”
• “Aramco is already working in the downstream exploration activities in Pakistan and we would welcome more Saudi companies to come in Pakistan for investment, whether it is upstream, middle stream or downstream.”

ISLAMABAD: Work has started on $14.5 billion worth of Saudi Arabia’s energy and petroleum projects in Pakistan, Omar Ayub Khan, Federal Minister for Power and Petroleum has said.

The initiatives are part of an effort to boost the production and use of oil and renewable power and overcome power shortages in the South Asian nation.

“In the power sector, Saudis are helping us install 500 megawatts renewable energy projects worth $4.5 billion in Baluchistan and a $10 billion mega oil refinery in Gwadar, which are part of the $20 billion investment announced during Saudi Crown Prince Muhammad bin Salman’s visit to Pakistan earlier this year,” the minister said in an interview with Arab News.

“Studies have been carried out by Saudi company Aqua Power, Pakistani National Transmission & Despatch Company (NTDC) and other leading companies to look into hybrid or solar projects. This will be a total $4.5 billion investment,” the federal minister said.

During a visit to Pakistan in February this year by Saudi Crown Prince Mohammed bin Salman, the two countries signed short-, mid- and long-term investment agreements worth over $20 billion, including for energy and petroleum projects.

Short-term projects signed in February include two Regasified Liquefied Natural Gas plants for $4 billion, a $2 billion investment by Saudi power producing company ACWA Power in Pakistan’s renewable energy sector and a $1 billion Saudi Fund for Pakistan. Mid-term projects include $1 billion each for petrochemical and food and agricultural projects.

The long-term investments are $10 billion for the construction of the multi-billion-dollar Saudi Aramco oil refinery in Gwadar and $2 billion for the minerals sector, the report said.

The total investment comes to $21 billion, according to government figures released after the crown prince’s visit. Khan said the power projects in the pipeline also included a solar plant of 200-megawatt at the Habibullah coastal power station in Baluchistan and a 100-megawatt plant each in three other districts of the province.

He said the process of hiring technical experts for the Gwadar oil refinery project had started and would be completed in the next three months: “The refinery would have a 250,000 to 300,000 barrels per day capacity that would help Pakistan cut its annual crude oil import bill by nearly $3 billion,” the minister said.

He said this was the first phase of Saudi investment in Pakistan “and as soon as they will start achieving targets, another phase of investment would start.” The minister said that Saudi investment would help Pakistan achieve its target of shifting 30 percent of its energy needs to the renewable energy sector by 2030.

“Alternative Energy Development Board cleared the draft renewable energy policy last week, in which we are taking renewable energy from the current 1,500 megawatts to approximately ,8000 megawatts by the end of 2025, and then to 20,000 megawatts by 2030,” Khan said.

Saudi Arabia and Pakistan, in collaboration with Baluchistan’s provincial government, were also working to explore minerals in the province in a bid to promote indigenous exploration and production activities in both the oil and gas sectors, Khan said.

“We would be auctioning approximately 40 blocks in the exploration and production sphere in Pakistan. In this process, we welcome Saudi companies to participate in upstream exploration activities,” Khan said.

“Aramco is already working in the downstream exploration activities in Pakistan and we would welcome more Saudi companies to come in Pakistan for investment, whether it is upstream, middle stream or downstream.” He also welcomed Saudi participation in the China Pakistan Economic Corridor of energy and infrastructure projects, the flagship of Beijing’s ambitious Belt and Road Initiative.

“It is a good opportunity for Saudis as well as other Middle Eastern companies to invest in Pakistan as it is next door to a big market like China,” the minister said

ISLAMABAD: Azerbaijan on Tuesday showed interest to sign a long-term LNG supply agreement with Pakistan to serve the market that sees double digit growth annually in the fuel import.

A delegation of businessmen, led by Ambassador of Azerbaijan Ali Alizada, showed keen interest in exploring business and investment opportunities in Pakistan’s energy sector, during a meeting with Minister for Energy Omar Ayub Khan.

“They expressed particular interest in oil and gas exploration activities in Pakistan along with offering LNG (liquefied natural gas) supplies on a long-term basis and opportunities in the LNG infrastructure of the country,” an official statement said

Pakistan has developed as an important LNG market in recent years that has attracted interest from various investors.

The government decided to increase the LNG import equal to 400 million metric cubic feet/day (mmcfd) by this yearend. Currently, two LNG terminals are re-gasifying over 1,100 mmcfd LNG, of which the power sector is getting 790 mmcfd and fertiliser industry 180 mmcfd.

At present, the PSO is importing 600 mmcfd LNG from Qatar. Pakistan LNG Limited has short and long-term contracts of 200 mmcfd LNG imports whereas remaining 400 mmcfd LNG is being secured through spot purchases.

The government is also striving for indigenous oil and gas exploration and recently 10 blocks have been awarded, but mostly to local companies, as the foreign companies response was not encouraging.

“We would like to boost our economic ties especially in the energy sector of Pakistan,” Alizada said. Minister Khan said the government has an open door policy for business and investors. “The government has taken important steps towards reducing cost of business in the country which has led to ease of doing business in the country,” he said. “Pakistan believes in an open and competitive market and transparency.”

Minister for energy asked the Azerbaijan side to explore investment opportunities in “gas distribution, exploration and renewable energy which we plan to take to 60 percent of our energy mix in the future”.

The minister offered Azerbaijan access to the Gwadar port. The ambassador apprised the minister of his government’s decision to award him a diplomatic medal in recognition of his kind service to relations between both the brotherly countries. The sides exchanged souvenirs and a vote of thanks with an understanding to continue discussions in the future