Malaysia invited to take part in oil, gas blocks auction.

Islamabad: The federal government recently invited Malaysia, and its strategic partners, to participate in the auction of oil and gas blocks; along with communicating its interest in developing an LNG infrastructure in the country, a news source reported.

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Federal Minister Omar Ayub Khan forwarded the invitation regarding the oil and gas blocks to Malaysian investors — with 18 blocks available for auction during the first phase. The minister shared this information with the High Commissioner of Malaysia Ikram Muhammad Ibrahim, during a meeting with the Special Assistant to Prime Minister (PM) on Petroleum Nadeem Babar.

During the meeting, Babar talked about the possibility of Petroleum Nasional Berhad (PETRONAS),  a Malaysian oil and gas company, acquiring the divested shares from Pakistan Petroleum (PPL), Mari Petroleum, and Oil & Gas Development Company (OGDCL). Encouraging PETRONAS to take an interest in developing LNG infrastructure in Pakistan, he said that Malaysian investors could benefit from areas like refinery upgrades, LPG, etc.

Meanwhile, while the Malaysian high commissioner briefed the Pakistani officials about the preparations underway for the PM’s upcoming visit to Malaysia, the officials from the Pakistan government informed him about the structural reforms within the country’s energy sector that focus on ease of doing business.

Malaysian envoy urges investors to explore the Pakistani market

The Malaysian envoy appreciated the ongoing initiatives taken by the federal government and stated that his country considered Pakistan to have great potential; particularly within the energy sector. In addition, he also expressed his optimism that PETRONAS would establish a strong presence in Pakistan; in the form of a cross-sector partnership in its energy sector.