Federal Minister for Power and Petroleum Omar Ayub Khan has said that in power sector a new renewable energy policy is in the offing that will provide a level and competitive ground for investors with good rate of return on their investments.
The Minister expressed these views in a meeting with Ambassador of Japan to Pakistan, Kuninori Matsuda who called on him in Islamabad.
During the meeting matters related to mutual cooperation between the two countries especially in the Energy sector were discussed. It was agreed that the existing cooperation in the sector was satisfactory and it will be further enhanced.
Mr. Omar Ayub Khan apprised the Japanese Ambassador on various steps taken by the government in improving and making it attractive for investment in the Energy Sector.
He further briefed the Ambassador that concept of wheeling across the existing electricity Distribution network is also planned that will open up the electricity trade and establish a competitive market both for consumers and investors in the country.
The Federal Minister informed Mr. Kuninori Matsuda regarding the government’s phased plan to arrest and eliminate circular debt that was considered a major hindrance in attracting potential investment in the power sector.
Mr. Kuninori Matsuda congratulated the Federal Minister on successful running of power supplies during the Holy Month of Ramzan after more than a decade time. He also expressed satisfaction over the drive against Energy theft and leakages that enabled recovery and collection of record revenues for the first time.
The Japanese Ambassador informed the Federal Minister that Japanese companies including Mitsubishi are participating in various energy sector projects. He said that many other companies are keenly observing Pakistan’s vibrant energy sector.
He also apprised the Federal Minister that JAICA is undertaking many projects in the energy sector including the development of Master Plan for country’s electricity Transmission System for NTDC that will be ready by next year. =DN