Pakistan aims to slash its oil imports from the Gulf by a third in order to save at least $1 billion a year on its annual energy import bill, Pakistani sources said on Sunday.
The proposal has been prepared by a committee tasked to devise means to cut Pakistan's burgeoning energy imports, which are a huge drain on the country's meager foreign exchange reserves — hovering around the $1.5 billion mark, the sources told the Gulf News.
The proposal has been sent to Pakistani leader General Pervez Musharraf for approval. Musharraf is expected to approve it in the next week, and to incorporate it into the national budget for the new fiscal year, which begins on July 1.
The committee has suggested that the ministry of water and power, which consumes a major portion of the oil imports, should replace imported fuel with domestic alternatives and indigenous technology, said the sources.
“The committee says that imported fuel is an expensive option for Pakistan and to make matters worse, its availability is usually not within the control of the country either.” – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
