Minister of State for Petroleum Dr Musadik Malik on Friday said that Prime Minister Shehbaz Sharif had announced to establish a refinery that would cost between $10 to $14 billion. Speaking at a news conference, the minister stated that the government had been actively working on a new energy policy that would focus on creating energy resources from LPG, LMG, and solar. The policy would also promote energy conservation to ensure sustainable development, he added.
Musadik emphasized that the new policy would bring an end to the monopoly of a few companies that had been exploiting consumers by charging exorbitant prices. The policy would encourage competition among companies, which would lead to competitive prices for consumers. Landlords and building owners would also no longer be able to exploit tenants by forcing them to pay high energy bills for privately supplied energy resources.
In addition, he added, the government had made it possible to obtain oil from Russia at discounted prices, a feat that previous governments had failed to achieve. He also urged the people to adopt an energy conservation culture not just for themselves, but also for future generations. The minister was hopeful that the new refinery would create new jobs and reduce Pakistan’s dependence on imported fuel. It will also help boost the country’s economy by increasing energy production and reducing the cost of production for industries, he added.