Abb Takk News

Hammad Invites US Companies To Invest in Pakistan’s Energy Sector

ISLAMABAD: Federal Minister for Energy Mr. Muhammad Hammad Azhar has said that immense growth in demand of electricity upto 20% has been witnessed this year, of which the industrial demand is well above 12% to 13%.

He said that the increase in demand is a very positive sign not only for the entire economic health of the country but also for the energy sector as it has boosted the confidence of investors, said a press release issued here Monday.

The Minister was talking to U.S. Embassy Charg d’affairess, a.i. Lesslie Viguerie who called on him here.

Secretary Power Division Mr. Ali Raza Bhutta, Mr. Daniel Froats Economic Counselor US Embassy and other senior officials were present during the meeting.

Hammad Azhar informed the US Embassy Charg d’affairess that due to prudent policies and effective measures undertaken by the present Government, the growth of Circular Debt has been reduced by Rs. 200 billion this year as compared to previous year.

The Federal Minster also briefed about the approximate $ 800 million investment that Pakistan has made in expansion and improvement of country’s Transmission and Distribution system in two and half years which led to record transmission of more than 4000MW this year.

He said that another $ 117 Million have been earmarked for next financial year for improvement of Transmission and Distribution system.

He invited the US based companies to explore possibilities of investment in the energy market.