KP Govt to invest Rs.40bn in oil & gas sector

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KP Govt to invest Rs.40bn in oil & gas sector

ISLAMABAD-The provincial cabinet of Khyber Pakhtunkhwa has approved an investment plan of Rs.40 billion in oil and gas sector in the newly merged districts (NMDS) and Khyber Pakhtunkhwa, subject to availability of funds.

The investments will be funded under Accelerated Investment Programme (AIP) and oil and gas royalty, said an official news release issued here Tuesday.

Talking to media, the Secretary Energy & Power Mohammad Zubair has told that Rs.40 billion will be given to Khyber Pakhtunkhwa Oil & Gas Compnay Limited (KPOGCL) in phases during next 10 years for investment invest in oil and gas blocks as joint venture partner.

The investment besides, generating a receipt of about Rs.10 billion to 15 billion per annum for the provincial government will  also boost the economy of the province and improve the livelihood of the people of both newly merged districts and KP.

The decision has opened a new stream of revenues for the provincial government that will help in poverty alleviation and creation of job opportunities for the residents of merged districts.

The Secretary, Energy and Power has expressed gratitude to Chief Minister Mahmood Khan and all cabinet members and Advisor to Chief Minister on Energy & Power, Chief Secretary and Additional Chief Secretary for their continuous support.