Dr Asim briefs Prime Minister about petroleum policy

ISLAMABAD: Dr Asim Hussain, Federal Minister for Petroleum and Natural Resources, called on Prime Minister Yousuf Raza Gilani here Tuesday and apprised him about the Petroleum Policy 2011 that proposes to reduce the appraisal period from two years to one year, exploratory period from nine years to six years and puts in place a better and efficient mechanism for the prices of gas and oil.

The policy also recommends that petroleum and gas companies will be allowed to sell 10% of their products to the consumers directly. Petroleum minister also apprised the Prime Minister about the IPI gas pipeline, adding that the survey of laying the pipeline in Pakistan has been completed and financial advisors will soon be appointed to undertake the responsibilities pertaining to financial aspects of the project.

The work on laying the pipeline in Pakistan is expected to start in due course. The Iranian officials are affirmative that they will complete their part of pipeline by the mid of next year. He said that they were negotiating rates with Turkmenistan regarding the TAPI gas and had covered a lot of ground in this regard.

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