KARACHI: The Federal Minister of Petroleum and Natural Resources, Shahid Khaqan Abbasi has ruled out any wrongdoing in the agreements of China Pakistan Economic Corridors (CPEC) saying that all the rumours in this regards all uncalled for and having no truth.

“CPEC agreement is transparent and has no grey areas”, said the minister while talking to the media on the sideline of Pakistan’s premier energy show – Pakistan Oil Gas and Energy Exhibition (POGEE) 2017. The three day extravaganza commenced here at Karachi Expo Center on Tuesday. Replying to a question he said that the government is trying to maintain the petroleum prices whenever they go higher and it was the top priority that the impact of increasing oil prices should not be passed on to the consumers. He said that Pakistan is the importing country of oil and gas and bearing a big cost of the account of energy. He said that Pakistan is now the second largest consumer of furnace oil as its usage is being discouraged elsewhere in the world due to the environmental issues. He said that in Pakistan, the emphasis on alternative energy is being given and solar energy sector is encouraged by declaring its import zero-rated. He said that every country supports the solar energy in the world and our government is also encouraging solar power.

Earlier, while speaking at the inaugural ceremony he speculated the increase on dependence on LNG in the country by manifold in the years to come. He said that the government is trying to maintain the gas prices so that the consumers would not be over-burdened. He said that he expects the volume of the LNG in the energy mix would rise to about 25 to 30 billion tonnes yearly in next three years. The minister has lauded the efforts of the organizers in promotion of safe and environment friendly energy in the country. He said that the efforts of Asim Siddiqui are really appreciable as he is organizing this mega-event consistently for the last 15 years.

Earlier, the Chairman, Pegasus Consultancy, Asim Siddiqui while speaking on the occasion said that the efforts by the present government for elimination of the menace of load-shedding are laudable. He said that many power plants of various sources are coming up and it is hoped that the nation would be get rid load-shedding by the early 2018. He said that his organization would continue to its efforts in promoting the energy sector and bringing in the latest machinery, technology and expertise in the country through POGEE. Managing Director, Pegasus, Aamer Khanzada said that the Pegasus has given a new dimensions and reforms to the event organizing industry and Pegasus has revitalized opportunities for manufacturers and their related technology stakeholders who have benefitted from the trade and investment channels operating in our vast and diversified business environment. He praised the government’s efforts for working on TAPI (Turkmenistan-Pakistan-Afghanistan-India) gas pipeline that is expected to be completed by 2019.  He also lauded the FDI (foreign direct investment) to the tune of $1.2 billion during current year.

The minister while visiting the stalls praised the quality of the technology and equipment displayed by the exhibitors of over 30 countries in the mega show. The event will remain open for general public for the rest of two days wherein an in international conference on oil and gas would be held at the convention center of Karachi Expo Center besides a presentation and award ceremony to be held at 4 p.m.