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Pakistani Oil and Gas Companies Can Operate Comfortably in Indonesia and Make Profits

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Core prompt: According to the Federation of Pakistan Chambers of Commerce and Industry, Pakistani oil and gas companies can operate comfortably in Indonesia and make

According to the Federation of Pakistan Chambers of Commerce and Industry, Pakistani oil and gas companies can operate comfortably in Indonesia and make reasonable profits.

Mr Atif Ikram Sheikh chairman of FPCCI coordination Islamabad office said that energy demand in Indonesia is growing by seven percent per annum which creates demand for foreign capital and expertise in the oil and gas and renewable energy sectors. The oil and gas companies in Indonesia will invest USD 32 billion in 2 years to drill for energy but there is room for more investment.

Mr Sheikh who is also the senior vice chairman of Pakistan Vanaspati Manufacturers Association said that Pakistan's energy companies are already working in several countries but they have yet to step into the Indonesian market. Southeast Asia's largest energy producer and consumer is ready to welcome Pakistani companies, give them profitable oil blocs and support them through exemplary oil and gas regulations and enabling investment laws.

He said that Pakistani banking companies can expand their operations to the largest Asean economy as Pakistan's entire palm oil imports will be shifted to Indonesia from Malaysia within months.

 
keywords: FPCCI, palm oil, oil
 
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