ISLAMABAD: Pakistan’s Foreign Minister Shah Mehmood Qureshi met with his United Arab Emirates counterpart Sheikh Abdullah bin Zayed Al Nahyan in Abu Dhabi, Pakistan’s Foreign Ministry spokesman Mohammed Faisal said on Saturday.
The spokesman said in a tweet that the ministers’ meeting was constructive and “the two FMs discussed bilateral cooperation and regional issues of mutual interest.”
Qureshi had arrived in the UAE on Friday to attend the 9th Sir Bani Yas Forum.
Sir Bani Yas Forum is an annual moot on peace and security in the Middle East and the Gulf organized by the UAE Ministry of Foreign Affairs.
According to Pakistan’s Foreign Ministry, foreign ministers of various countries are participating in the forum to discuss the “issues related to Middle East.”
Qureshi is expected to hold a bilateral meeting with the foreign ministers and representatives of the other countries on the sidelines of the forum.
The forum aims to create a space for a frank and constructive conversation among leading policy and opinion makers on critical peace and security issues in the Middle East.
The Middle East is an area of immense importance to Pakistan; Islamabad had traditionally close relations with it for a long time.
Pakistan and UAE foreign ministers discuss regional issues, bilateral ties
Pakistan and UAE foreign ministers discuss regional issues, bilateral ties
- The two foreign ministers discussed bilateral cooperation and regional issues of mutual interest
- Pakistan’s foreign minister is in UAE to attend the annual meeting of Sir Bani Yas Forum
Pakistan to sell excess gas in international markets from Jan.1— petroleum minister
- Pakistan was reportedly exploring ways to reduce $378 million in annual losses from supply glut caused by excess fuel imports
- Move to sell excess LNG in international markets will limit $3.56 billion losses caused since 2018-19, says petroleum minister
ISLAMABAD: Pakistan will sell its excess liquefied natural gas (LNG) in international markets from Jan. 1, Petroleum Minister Ali Pervaiz Malik said, revealing the move would limit losses caused from a years-long supply gut.
Local and international media outlets had reported in July that Pakistan was exploring ways to sell excess LNG cargoes amid a gas supply glut that government officials said was costing domestic producers $378 million in annual losses. News reports had said Pakistan had at least three LNG cargoes in excess that it imported from Qatar and has no immediate use for.
Speaking to reporters during a press conference on Sunday, Malik said there was an excess of imported gas in Pakistan as the use of this fuel for power generation had reduced in the country during the past few months. He said Islamabad had been forced to sell the gas to local consumers, due to which the circular debt in the gas sector from 2018 till now had ballooned to around Rs1,000 billion [$3.56 billion].
“From Jan. 1 we will sell this excess fuel in international markets to reduce our burden and limit our losses of this Rs1,000 billion [$3.56 billion],” Malik said.
He said this move would also allow Pakistan’s state-owned enterprises in the sector to operate on their full capacity and generate profits and employment.
Malik also spoke of foreign oil companies that were ready to invest millions in the country in the near future.
The minister cited the recent visit of Turkish energy minister to Pakistan which had resulted in the state-owned Turkish Petroleum signing deals to carry out onshore and offshore drilling activities in Pakistan.
“Turkish Petroleum will also open its office in Islamabad, where 10 to 15 Turkish nationals will be working,” Malik said.
He also said that a delegation of the State Oil Company of Azerbaijan Republic (SOCAR) visit Pakistan this week, adding that it was also expected to collaborate with local companies for oil and gas exploration.
The minister said SOCAR was also opening its office in Pakistan.
“It will also invest millions of dollars in the construction of an oil pipeline from Machike to Thalian in collaboration with the PSO (Pakistan State Oil) and FWO (Frontier Works Organization),” Malik said.
