Petroleum SAPM hails UK companies' interest to invest in Pakistan's energy sector

December 10, 2020: Special Assistant to the Prime Minister (SAPM) on Petroleum Nadeem Babar Thursday hailed the British companies for showing keen interest to invest in Pakistan's energy sector.

"The government will welcome investment and the presence of British companies in the energy sector of Pakistan," he expressed these views while talking to UK High Commissioner in Pakistan Dr Christian Turner, who called on him here.

According to a news release, the SAPM shared the structural reforms being carried out in the energy sector, especially in view of the newly promulgated Renewable Energy Policy of Pakistan.

He said the government had set ambitious targets to introduce 20 percent renewable energy by 2025, and 30 per cent by end of 2030. "With an additional share of 30-40 percent hydel power generation, Pakistan will have the cleanest generation mix as a result."

The SAPM apprised the envoy that the government was focusing on assembling and manufacturing wind turbines and solar panels for renewable energy projects here in Pakistan with the collaboration of some foreign companies. He also invited British companies to participate in these projects.

The High Commissioner commended the initiatives taken by the current government to revamp the energy sector and said that the UK looked at the Pakistani energy market as of great potential.

He said the British companies were interested to invest in the energy sector of Pakistan especially in off-grid solutions and distribution systems.

He also indicated that approximately USD 1.5 billion of credit line for export credit facility remains largely unused and urged Pakistani projects to utilize it more.

APP