ISLAMABAD, JAN 24 (Online): Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Monday said Pakistan has enough oil and gas to satisfy all its needs for the next fifty years.
Pakistan has coal reserves that are enough to satisfy the needs of the country for the next few hundred years, which should be utilised as the majority of local companies, are still relying on imported coal, he said.
Shahid Rasheed Butt said that incentives should be announced for foreign oil and gas exploration companies to reduce dependence on fuel imports and ensure energy security.
The foreign companies, which have been forced to leave the country, should be called back with all kinds of assurances and good incentives so that the energy situation in the country can be improved, he added.
He informed that apart from coal, the oil and gas import bill is on the rise resulting in massive deficits which cannot be repaid without loans.
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