Pakistan is making a significant impact at ADIPEC 2023, boasting representation from approximately 10 companies in the exploration, oil marketing, and related sectors.
Pakistan is making a significant impact at ADIPEC 2023, boasting representation from approximately 10 companies in the exploration, oil marketing, and related sectors.
The Minister of Energy, Power, and Petroleum, expressed optimism about the enthusiastic response the country’s presence has garnered on the inaugural day. He emphasized that all participating companies are actively engaged, and there is substantial interest in their offerings, marking a promising start to the event.
Minister underscored the pivotal role of decarbonization and electrification in Pakistan’s future energy strategy. He acknowledged that while these aspects may not have received the attention they deserve in the past, there is now a strong focus on them. The initiatives encompass energy conservation, electrification endeavors, and repurposing natural gas for power generation to electrify appliances and vehicles.
“In the realm of decarbonization, efforts entail the establishment of a carbon fund by the Ministry of Climate Change and the formulation of a comprehensive carbon policy by the Ministry of Energy. The ultimate objective is to bring together all stakeholders and optimize the potential of these initiatives,” Minister shared in an interview during his participation in ADIPEC.
The caretaker Minister of Pakistan outlined three key priorities for the energy sector. First, he emphasized the need to address exploration challenges by enhancing data availability, eliminating payment barriers, and revising policies. Second, he highlighted the importance of expanding the natural gas supply.
Lastly, he emphasized the significance of focusing on the power sector, which includes investments in transmission, promotion of renewable energy sources, and resolution of circular debt to ensure a stable power supply and efficient payment mechanisms.
Minister shed light on Pakistan’s accelerated efforts to decarbonize its energy sector in collaboration with partners in the Middle East. He acknowledged that Pakistan might not have prioritized decarbonization as much as it should have in the past, but there is now a strong commitment to this cause.
Pakistan is actively working towards the development of renewable energy projects, enhancing energy efficiency, and reducing reliance on fossil fuels. Additionally, the country is seeking collaboration with Middle Eastern partners to achieve its decarbonization objectives.
Minister’s participation at ADIPEC 2023 serves as a clear indication of Pakistan’s resolute commitment to decarbonize its energy sector. The nation looks towards Middle Eastern partners to play a crucial role in achieving this ambitious goal.
ADIPEC provides a vital platform for global energy industry players, governments, and experts to converge, discuss, and address the latest trends and challenges in the energy sector.