2006 is perhaps the year of high oil price. Throughout the year, high oil price in the international market hurt the economies of many countries in the world including that of Pakistan. Pakistani economy is growing and the demand of oil is increasing rapidly in the country. In 2010, Pakistan will need 18 million tons of oil. International Petroleum Investment Co of Abu Dhabi government has now got the permission to set up an oil refinery in Pakistan and $5 billion will be invested. Hindustan Times reported:
“The refinery, which will be Pakistan's biggest, have the capacity to process 300,000 barrels of oil a day, Ashfaque Hasan Khan, an economic adviser to the government said.
The proposed refinery will help Pakistan meet demand for oil products, which is expected to grow 5 per cent annually to reach more than 18 million tons by 2010.
The country has five refineries producing 11.2 million tons of oil products a year.”
If Pakistan wants to sustain its high economic growth then it must address its energy needs. Pakistan imports most of its oil. China has already tried to secure some oil fields in different parts of the world. India is now trying for it. I know that Pakistani companies cannot afford but I believe that Pakistan can increase its interaction with Middle East and Central Asian countries to secure more oil in future.
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Posted by: M. Tauseef mughal | April 12, 2008 1:26 AM | Permalink to Comment