Pakistan to encourage Chinese companies for Oil and Gas Mining in Pakistan

Prime Minister Shehbaz Sharif recently visited China with many federal ministers to discuss trade and bilateral relations with the Chinese counterpart and to upgrade cooperation under the multi-billion dollar China-Pakistan Economic Corridor (CPEC), which is a key part of Beijing’s Belt and Road Initiative.

During the meetings it was discussed that both the countries will promote investment by Chinese firms in Pakistan’s mining industry, and strengthen the planning of mining industry parks, including deep processing of ores.

China will strengthen cooperation with Pakistan in areas such as marine oil and gas resources and natural gas hydrates, and will encourage Chinese firms to participate in the development of offshore oil and gas blocks in Pakistan, according to a joint statement released after the meetings.

Beijing has over $65 billion in investment in road, infrastructure and development projects under the China-Pakistan Economic Corridor as part of the Belt and Road scheme