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Investment in energy sector : Russia, Pakistan agree to form JWG

Russia has shown keep interest in the energy sector of Pakistan and for investment purposes both sides have agreed to form a Joint Working Group.

A Russian delegation led by Deputy Minister of Energy Yury Sentyurin called on Federal Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi on Wednesday.

The delegation expressed the Russian intentions to invest in the energy sector of Pakistan. The minister while talking to the members of the delegation said that Pakistan has huge potential of investment in the energy sector, especially in the oil and gas sector. He welcomed the Russians’ desire for the investment in oil and gas exploration and production and expressed his hopes that this cooperation between the two nations will help a great deal in coping with the energy shortage in the country.

The Russian delegation also had a meeting with the Pakistani delegation led by Minister of State for Petroleum and Natural Resources Jam Kamal Khan. While addressing the occasion, Khan said that more than 70 percent of Pakistan’s oil and gas reservoirs are untapped. The energy sector is one of the top priorities of the present government, and liberal policy introduced by the government for the oil and gas exploration and production will attract the foreign investment. He further said that Pakistan welcomes Russians investment in the oil and gas exploration and production either through joint venture or on independent basis. He assured the Russian delegates that Pakistan encourages foreign investment on the equality basis and level-playing field to all companies whether public limited or private companies will be provided. He said that foreign investment in Pakistan is protected through an act of the parliament. He reassured the fact that energy sector is not only vital for Pakistan but for whole of the South Asian region. He also ensured that up to 100 percent equity on remittances, profit and dividends would be provided on the investments.

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