Musadik says Pakistan intends to complete IP pipeline, promises $10bn investment in oil sector

(File: PID)

KARACHI: Minister of State for Petroleum Musadik Malik has said Pakistan intends to complete the gas pipeline project with Iran, adding that an investment of $10 billion in the refinery sector will come ‘very soon’ in Pakistan.

Musadik Malik speaking here said that consultations ongoing over completion of the gas pipeline with Iran.

“There are international sanctions over Iran. Pakistan will take decision after reviewing the matter,” he said.

“Very soon, Prime Minister Shehbaz Sharif will inaugurate a $10 billion investment, the details of which cannot be shared at the moment,” said Malik, while addressing a ceremony.

The comments follow the current administration’s approval of a new refinery policy designed to encourage greenfield investment.

“Based on our population, we require 5% sustainable GDP growth. We need the energy sector to develop by 7.5–10% annually in order to accomplish this growth, he insisted.

The minister declared that the administration would sign a comprehensive energy deal with Russia and Central Asian nations.


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