Government decides to abolish unnecessary regulations in petroleum sector

August 29, 2019 (MLN): Special Assistant to the Prime Minister on Energy Nadeem Babar in a press conference today has informed that as per the directives of the Prime Minister to facilitate the businesses, the Ministry of Petroleum is going to bring amendments in petroleum sector.

He said that the government has decided to abolish various unnecessary regulations to facilitate investment in petroleum sector in the country. Various initiatives, including policy reforms, are being introduced to ensure ease of doing business in petroleum sector, he added.

“At present, twenty-four to thirty approvals are required in Exploration and Production, and ten of them are being removed, said the Minister.

He said about twenty-five approvals are required for establishing a petrol pump, which too are being cut to seven. He said approvals for storage of petroleum products are also being decreased from nineteen to six.

He further said tax exemptions will be offered for installation and up-gradation of refineries.

He said a public awareness campaign about usage of domestic gas in the winter will be launched in September. He said a Mobile App and Portal will be launched for registration and redressal of public complaints against gas companies. He said provision of gas connection for industry within thirty days will be ensured. He said three oil and gas discoveries have been made over the last six months while two or three more are in the pipeline.

As regards to Liquefied Petroleum Gas, Nadeem Babar said a new policy has been prepared to increase domestic production of LPG and decrease its import. He said a pricing mechanism will also be introduced about LPG.

He said if any company intends to install Liquefied Natural Gas terminal in the country and it does not want to sell it to the government, it will not require any approval from the government.

Posted on: 2019-08-29T15:44:00+05:00

29679