Pakistan, Kuwait agree to open new avenues in Oil & Gas Sector
Aziz Malik 'Pakistan Times' Federal Bureau Chief

ISLAMABAD: Pakistan and Kuwait have agreed to expand and strengthen the existing cooperation between the two countries in the oil and gas sector to the mutual advantage besides stepping up linkages and inter-dependencies for all round development of the petroleum sector.

It was decided in a meeting held between the Federal Minister for Petroleum and Natural Resources, Amanullah Khan Jadoon and the Kuwaiti Minister for Energy Sheikh Ahmad Fahad Al-Ahmad Al-Sabah, here.

Both sides agreed to step up exchange of experts’ delegations to benefit from each others experiences and know-how in the upstream and downstream oil and gas sector to their mutual advantage.

Amanullah Jadoon welcomed the Kuwaiti investment for setting up an oil refinery at Port Qasim and invited the Kuwaiti Companies to take benefit of the abundant opportunities present in the oil and gas sector.

He told the Kuwaiti counterpart that the Government was contemplating to set up more refineries in the country with a view to increase the refining capacity from the present 6.0 million ton to 13 million ton per annum to meet the growing energy requirement.

Briefing the distinguished guests on the oil and gas upcoming projects in the upstream and downstream sectors, he said the government would also welcome the Kuwaiti participation in the privatization of state-owned oil and gas units.

The Kuwaiti Minister for Energy said that his country attaches great importance to its relations with Pakistan and hoped that bonds of fraternity and brotherhood would continue to grow further in the days ahead for the benefit of the two brotherly Muslim countries.

Pakistan could benefit from Kuwaiti experience in refining and exploration sectors, he added.

He expressed Kuwaiti companies’ willingness to participate in the forthcoming privatization of Pakistan oil and gas companies.

Secretary Petroleum, Ahmad Waqar and the members of Kuwaiti delegation were also present during the meeting.

Multi-dimensional Agreements

Meanwhile, Pakistan and Kuwait have signed series of agreements and memorandums of understanding for enhancing bilateral economic relations including an MoU for setting up an oil refinery at port Qasim.

President General Pervez Musharraf and Amir of Kuwait Sheikh Sabah Al-Ahmed Al-Jaber Al Sabah witnessed the signing ceremony.

The two sides also concluded an agreement on augmenting economic and technical cooperation and an MoU on development of small and medium enterprises.

Later, Minister of State for Privatization Omar Ahmed Ghumman, who signed MoU on setting up of oil refinery, described it as major foreign investment in the years to come.

"This will be a huge Kuwaiti investment, drawing US dollars 1.2 billion and contribute significantly to bolstering oil refining facilities in the country," he told newsmen.

Pakistan and Kuwait also inked an executive program for the cultural, educational and information exchanges between the two countries.●