ISLAMABAD - A Russian delegation led by Yury Sentyurin, Deputy Minister of Energy, called on Federal Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi here in Islamabad on Wednesday.

The delegation expressed the Russian intentions to invest in the energy sector of Pakistan. The Minister, while talking to the members of the delegation, said that Pakistan has huge potential of investment in the energy sector, especially in the oil and gas sector. He welcomed the Russians’ desire for the investment in oil and gas exploration and production and expressed his hopes that this cooperation between the two nations will help a great deal in coping with the energy shortage in the country.

In a press statement, the petroleum ministry has said that the Russian delegation also had a meeting with the Pakistani delegation led by the Minister of State for Petroleum and Natural Resources, Jam Kamal Khan. While addressing at the occasion, the Minister of State said that more than 70% of the Pakistan’s’ oil and gas reservoirs are untapped. Energy sector is one of the top priorities of the present government, and liberal policy introduced by the government for the oil & gas exploration and production will attract the foreign investment. He further said that Pakistan welcomes Russians investment in the oil and gas exploration & production either through joint venture or on independent basis. He assured the Russian delegates that Pakistan encourages foreign investment on the equality basis and level playing field to all companies whether public limited or private companies will be provided. He said that foreign investment in Pakistan is protected through an act of Parliament. He reassured the fact that energy sector is not only vital for the Pakistan but for whole of the South Asian region. He also ensured that up to 100% equity on remittances, profit and dividends would be provided on the investments. The Russian delegation appreciated the investment friendly and liberal policies of the government of Pakistan.

 It was agreed between the two sides that the details of the `engagement will be finalized by a joint working group to be established for the purpose.