Khyber Pakhtunkhwa Chief Minister Sohail Afridi has termed the transfer of 49 percent shares of the Miran Block to partner organisations as a major achievement of the provincial government, stating that the project will usher in a new era of oil and gas exploration in the province, generate local employment opportunities, boost business and industrial growth.
Addressing the formal share transfer ceremony held at Khyber Pakhtunkhwa House Islamabad, the Chief Minister emphasized that the first right over natural resources belongs to the local population and that all decisions will be made strictly in accordance with the interests of the local communities, said a press release issued here Saturday.
He said that KP was rapidly moving towards self-reliance in the energy sector while simultaneously developing new and sustainable revenue streams. The CM assured full facilitation to investors and industrialists, adding that the provincial government would ensure a secure investment environment and that no compromise would be made on law and order for the protection of investors.
He further stated that the provincial government was executing energy projects at an extraordinary pace and would continue to extend complete support to the private sector for investment and industrial development.
On the occasion, it was informed that 49 percent shares of the Miran Block had been transferred to a consortium led by Oil and Gas Development Company Limited (OGDCL) while 51 percent shares would remain with KP Oil and Gas Company Limited (KPOGCL).
The consortium also includes Government Holdings (Private) Limited (GHPL) and Pakistan Petroleum Limited (PPL). It was further shared that the consortium would bear the investment cost for KPOGCL’s 51 percent share as well. Under the agreement, an estimated investment of Rs. 22 billion has been attracted to KP while the Miran Block deal has resulted in savings of approximately Rs. 12 billion for the provincial government and KPOGCL.
Special Assistant to the Chief Minister for Information and Public Relations Shafiullah Jan, Members of the National Assembly Shehryar Afridi and Shahid Khattak, Member of the Provincial Assembly Daud Afridi, senior officials of KPOGCL, and representatives of partner organizations were present on the occasion.