Investor-friendly policies attract foreign Cos: PM

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi witnessing signing ceremony of extension in the lease contract period of Saindak Copper - Gold Project between Saindak Metals Limited (SML) and Metallurgical Corporation, here Thursday. - PID photo

Saindak Copper-Gold Project lease extended;
Pak-Qatar LNG contract lowest-cost: Abbasi

Ensures uninterrupted gas supply whole year

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi says the government has formulated investor friendly policies and provided suitable environment to foreign companies.
He made these remarks while witnessing an agreement signing ceremony of extension in the lease contract period of Saindak Copper-Gold Project between Saindak Metals Limited and Metallurgical Corporation of China in Islamabad on Thursday.

He said Chinese investment in Pakistan will pay long term dividends for the welfare of our countrymen.

The Prime Minister appreciated the efforts of MCC in developing the Saindak Project to its commercial operation stage.  He said the project has employed over 1500 Pakistanis and is also providing free services to the local villages at Balochistan.
Prime Minister Shahid Khaqan Abbasi witnessed agreement signing ceremony of extension in the lease contract period of SAINDAK Copper - Gold Project between Saindak Metals Limited (SML) and Metallurgical Corporation of China (MCC) at Islamabad Thursday.

Earlier, Zhang Mengxing President MCC along with senior officials of MCC called on the Prime Minister. Chief Minister Balochistan Nawab Sahanullah Khan Zehri, Zhao Lijian, Charge de Affaires of Chinese Embassy, senior officials of Petroleum Division and Provincial Government Balochistan were also present in the meeting. The Prime Minister appreciated the efforts of MCC in developing the Saindak Project to its commercial operation stage. The Project has employed over 2000 Pakistanis and is also providing free services to the local villages at Balochistan, lauded the Prime Minister.

The Prime Minister stated that Chinese investment in Pakistan will pay long term dividends for the welfare of our countrymen. Our government has formulated investor friendly policies and provides suitable work environment for foreign companies, added the Prime Minister. President MCC Zhang Mengxing thank the Prime Minister for the warm welcome and stated that Chinese companies are operating in a secure environment in Pakistan for the mutual benefits of both countries.

Meanwhile, Prime Minister Shahid Khaqan Abbasi Thursday apprised the Senate that the Liquefied Natural Gas (LNG) contract between Pakistan and Qatar was the world's lowest cost that had had been signed 'efficiently' and within 'least timeframe' as an inevitable measure to cope with swelling energy crisis.
Briefing the Upper House on the details of the LNG contract, the prime minister said all of the relevant information regarding the contract was part of the Senate's record and available on the website of the Pakistan State Oil (PSO). However, he assured the House to apprise the members on the blocked contents of the agreement on the said website provided the members keep it secret.
On Chairman Senate's assurance, the prime minister agreed to provide the hidden contents of the contract to the House.

He told the Senate that the whole of the process had been signed under his supervision for what he was also responsible. The prime minister told the House that it was the first ever contract in which the clause of 're-negotiate' had been inserted and that it took around 14 months to negotiate the agreement.
He said the government had floated a tender for five years and signed the 15-year contract after getting the price quotations and as per rules, the price slope would increase in accordance with the period of contract. He told the House that no country was getting LNG on the rate, Pakistan had been availing.
He said in 2013, Pakistan had been suffering immense energy shortage forcing the closure of industry, power plants, CNG stations as well as the domestic supply. However, the incumbent government managed the supply of LNG-based gas within 20 months.

Meanwhile, Prime Minister Shahid Khaqan Abbasi has said that due to government's concerted efforts on Thursday gas is available in all over the country throughout the year to all kind of consumers.

Responding to a calling attention notice moved by Sherry Rehman, he said when we took over in 2013 there was extreme gas shortage in the country, the Fertilizers factories were non-functional, power plants were closed, gas was not available to CNG stations and to the domestic consumers.

He said in 2013 we were importing ten hundred thousand tons of Fertilizers while we are exporting seven hundred thousand tons of fertilizers. He said all the power plants are running throughout the year to meet the power shortage. Minister for Parliamentary Affairs, Shaikh Aftab has said that work is in full swing to make the Islamabad Expressway signal free.
Replying to a question during the Questions Hour, the Minister said that work on new interchanges at on Sohan and Khana Bridge at the Expressway will be completed in next three months.

He said work on extension of Expressway from Zero Point to Rawat is underway in phases. He said the two phases from Zero Point to Faizabad and from Faizabad to Koral Chowk and Gulberg have been completed.
Shaikh Aftab said work from Gulberg to Rawat will be completed in the next phase and it is in the design stage. He said the work will be started within four months with provision to the availability of funds. Responding to another question, the Minister said that a proposal has been sent to Prime Minister for construction of two more community centers in Islamabad. He said these centers will be established in H-8/4 and I-8 Markaz. The House will now meet tomorrow at 10:00 am. - NNI