ISLAMABAD: Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr Shahid Rasheed Butt has said that Pakistan has enough coal reserves to fulfil the needs of the country for the next few hundred years. Dr Shahid Rasheed Butt in a statement issued on Sunday said that the local oil, gas companies, instead of utilizing the coal reserves, are importing coal. He said that incentives should be announced for foreign oil and gas exploration companies to reduce dependence on fuel imports and ensure energy security. TLTP
The foreign companies, which have been forced to leave the country, should be called back with all kinds of assurances and good incentives so that the energy situation in the country can be improved, he added.
The business leader informed that apart from coal, the oil and gas import bill is on the rise resulting in massive deficits which cannot be repaid without loans.
The ICCI former President said that according to a report by the US Energy Information Administration, Pakistan has gas for the next 53 years and petroleum reserves for the next fifty years but instead of extracting it, we are spending billions in importing fossil fuel.
Pakistan needs at least 30 billion dollars over the 12 months to pay off debts and liabilities but the government does not have the money and the country’s economy lacks the capacity to repay loans therefore fresh borrowing is needed to repay old debts, he observed.
