Islamabad June 13 2023: Minister of State for Petroleum Division Dr Musadik Malik on Monday said that the government would ink a USD 10 billion investment agreement in the field of oil refinery before the completion of its tenure.
Earlier, the Minister of State for Petroleum Musadik Malik has said that Pakistan has approved the new Greenfield oil refining policy to attract foreign investment in the country which helps to install refinery capacity of 4 lac barrels per day. He said that energy security is necessary for economic development in Pakistan and tax exemptions will be given to these investors. New refineries will be set up in special economic zones and investors in oil refining will be provided protection under the Foreign Investment Act. Apart from this, there is a policy of LPG Air mix, where there is no gas, LPG will be provided through the private sector.
He informed that the government has increased the budget of the Benazir Income Support Program (BISP) up to PKR 400 billion in order to mitigate the sufferings of the poorest segments of society.
The government has estimated to decline in the inflation rate and also increased wages to minimize its impact on the poor, said Musadik in a talk show on a private news channel.
Due to the best economic policies of the government, he said the current account deficit and trade deficit have witnessed a significant reduction in the outgoing financial year.
The government initiated several schemes for youth to provide employment opportunities and utilize their energies for the progress of the country, he added.
He said around 50000 youth would be imparted training in the IT sector as the taxes on equipment have also been withdrawn to boost the sector.
Musadik said PKR 1,000 billion has been set aside to provide subsidies on electricity to domestic consumers using less than 100 units per month.