Islamabad: Significant strides have been made in the development of the petroleum sector with the backing of the Special Investment Facilitation Council (SIFC). The council is taking deliberate measures to increase the sale of shares in petroleum companies, aiming to boost the sector’s growth.

According to a statement by Ministry of Information and Broadcasting, the SIFC has relaxed rules for the sale of new gas reserves. This move follows the council’s recommendations and includes an increase in the share allocation for exploration and production companies, from 10 percent to 35 percent, regarding gas reserves.

These companies have also been granted permission to use the existing Sui Gas network or to establish their own pipelines to ensure the timely delivery of gas. This decision is intended to enhance the utilization of gas reserves and promote transparency and equal opportunities within the private sector.

The sale of gas to private companies is anticipated to meet market demand more efficiently while also addressing the issue of circular debt. The efforts are seen as a crucial step toward revitalizing the petroleum sector and ensuring its sustainable development.