The Board of Investment (BoI) invited on Thursday China Petroleum Company (CPE) to participate in the bidding process to establish gas processing plants in South Punjab and Hyderabad where 700 MQF gas will be provided by the government of Pakistan per day. Chi Shangdaong, Chairman, CPE with his 6-member delegation visited Board of Investment and met with Chairman Dr. Miftah Ismail. Dr. Raania Ahsan, Acting Secretary and Executive Director General, BOI Saleem Ahmed Ranjah were also present.
The Chairman BOI informed the Chinese that Pakistan is committed to provide an investment friendly regime to investors by offering lucrative fiscal incentives and conducive business environment. Chairman BOI briefed the delegation regarding the available investment opportunities in oil and gas and power sector of Pakistan. The CPE is an international engineering company focusing on surface facilities of petroleum upstream industry, headquartered in Beijing with 8 branches and subsidiaries in China, as well as 12 main overseas branches and subsidiaries.
Chi Shangdaong thanked the BOI for cooperation and providing an opportunity to discuss the available investment opportunities in petroleum sector in Pakistan. Chi Shangdaong gave a detailed presentation on the capacity and working experience of the company and briefed that their company is the biggest petroleum engineering company of China.
He informed that China Petroleum is already working in Pakistan and their two projects are almost functional and looking forward for further investment in Pakistan. CPE has completed over 25,000 projects in China and abroad, and the overseas projects are distributed in countries of Middle East, Central Asia, North Africa, America, Australia, Europe etc. He further briefed that China and Pakistan have entered into a comprehensive multifold plan of economic development project between the two nations. The China-Pakistan Economic Corridor is a $ 46 billion gift from the Chinese nation to Pakistan.
High level infrastructure development will link Kashgar in Western China to Pakistani centres of Lahore, Islamabad, Karachi and ultimately the Gwadar Port. The Chinese Economic Corridor will link Western China to Middle East and Africa through a 3,000 k.m. long motorway and has immense economic potential in services especially transportation, energy and industrial development. Dr. Miftah Ismail, Chairman, BOI assured them full cooperation and appreciated their interest in further investment in Pakistan.
He further said that BOI is mandated for promotion and facilitating to foreign investors and assured the China Petroleum to nominate a focal person from BOI to coordinate with their company and materialized their proposed projects in Pakistan.