New petroleum policy in few months: Omar

ISLAMABAD: Minister for Petroleum Omar Ayub Khan Saturday said the PTI-led government would announce a new oil and gas exploration and production policy in next few months.

In a statement, he said they would also initiate auction of forty new oil and gas blocks from December this year. This would generate good activity in oil and gas sector.

Omar Ayub said the ground breaking of Khalifa Point Refinery project would be performed by end of this year. This eight billion dollar project was a joint venture of Parco and the United Arab Emirates, state run radio reported. He said the refinery would have output capacity of 250,000 barrels per day.

Earlier, Prime Minister Imran Khan also announced that the government is working on a new petroleum policy, which offers incentives to foreign exploration and production companies. He made these remarks after meeting a delegation led by Shaikh Nawaf Saud Al-Sabah, the Chief Executive Officer of Kuwait Petroleum. He promised to support the company to ensure smooth business operations.