ISLAMABAD: Minister for Power and Petroleum Omar Ayub Khan Monday said the$5 billion Khalifa Point oil refinery with potential of producing of250,000 barrels oil per day would hit the ground in collaboration withSaudi Arabia by the end of current fiscal year.
Speaking at the launching ceremony of Economic Survey (2018-19) here, hesaid the government was also negotiating with Saudi Arabia to attractinvestment worth around $4 billion in solar energy in Balochistan provincewhich would ensure provision of economical and reliable energy source tothe masses. The minister said the country’s power sector had the investmentpotential of over $80 billion huge investment in power sector would notonly help the country reducing import bill but also reduce unemployment inthe country.
He said the government had a plan to reduce the burden of expensive andimported energy sources by increasing share of renewable energy sourcessuch as solar and wind energy.
“By 2025, the country will be producing 10,000 MW renewable energy whilethis share would further be increased to 18,000 MW by 2030,” he added. Hesaid the menace of circular debt also increased due to production ofexpensive imported energy sources and the government was taking specialmeasures to gradually reduce the circular debts which had gone up to ashigh as Rs. 800 billion to zero by the end of next year. Omar Ayub informedthat the government was also going to auction 40 more blocks by end ofcurrent year to explore the oil and gas reserves in the country.
Read Top Stories
During holy month of Ramazan, he said the power division ensured noload-shedding on 99.4pc feeders while under special directives of PrimeMinister Imran Khan, same situation prevailed immediately after the month,during Eidul Fitre holidays.
He informed that in order to curtail line losses, as many as 30,000 FirstInformation Reports (FIRs) were registered against electricity thieves andaround 4000 electricity thieves were apprehended during last few months.
