$40 billion investment potential lies in power generation: Petroleum Minister

ISLAMABAD, Pakistan: The Minister for Power and Petroleum Omar Ayub Khan has said that there is a potential of US$40 billion investment in power generation and US$20 billion each in transmission and distribution.

While addressing an Oil and Gas Conference organized by the Petroleum Institute of Pakistan in Islamabad on Monday, the minister urged the domestic and foreign investors to take benefit from investment opportunities in the energy sector of Pakistan including the oil and gas.

Omar Ayub said that the present government has taken steps to ensure ease of doing business in the Country and we are reducing red tapism to fully facilitate the investors. He said that the variables of growth and better returns are available in the energy sector.

The minister said that policies are also being framed to reinvigorate and give impetus to the energy sector.

The power and petroleum minister said that the draft of renewable energy has been presented to Prime Minister Imran Khan. He said that this policy targets increasing the share of renewables in the energy mix to 20 percent by 2025 and 30 percent by 2030.

Omar Ayub said that the renewable energy is getting cheaper with technological development. Therefore, the government wants to increase its share in the overall energy production to reduce burden on the consumers.

READ  COAS seeks total self-reliance in defense production