Sufficient petrol stock available in country: DG Oil

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ISLAMABAD: Rejecting the impression that petrol stocks are depleting fast in the country, Director General (Oil) Ministry of Petroleum Sabir Hussain Monday said oil in sufficient quantity was available in the country to meet the day-to-day requirements. He was commenting on a reported request of Pakistan State Oil (PSO) for importing 25,000 tons of petrol to meet oil requirements. "There is no shortage of this commodity as more than the requirement stock is available and the impression of shortage is totally wrong," the DG told media here. He said oil refineries operating in the country were capable enough for refining the commodity being imported or indigenously produced, in accordance with its demand. Sabir Hussain said oil refineries were providing petrol to PSO as per requirements of the country so there remained no need for un-scheduled import of petrol. Besides, he was of the view that the country has much potential to increase its oil production, adding a number of national and international companies were busy in various parts of the country for oil exploration. According to a report, success rate in oil and gas exploration is 'very high' in Pakistan as compared to other discoveries at international level. Pakistan achieves success after almost every three to four drillings, while at international level discovery comes after eight to ten attempts. He said nine discoveries have been made throughout the country during the period of July-2007 to March-2008. At present about 26 national and international companies are operating in the country to explore new reservoirs of oil and gas to meeting growing demand in energy sector.



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