Interview with Mr Amanullah Khan Paracha — Chairman of Pakistan Muslim Alliance
[box type=”shadow” align=”” class=”” width=””]Profile:
Mr. Amanullah Khan Paracha graduated in Mechanical Engineering in 1974 from NED University, Karachi-Pakistan and completed his masters from France with specialization in Hydraulics. He started his own Mechanical & Electrical Company in Abu Dhabi, UAE in 1977 and since then has completed many projects including powerhouses, central air conditioning & oil refinery works. He is also running steel re-rolling and steel melting industry in Pakistan and has also serves as the CEO of a Financial Consulting firm that provides projects funding from financial institutes. He was awarded the highest Civil Award by the President of Korea. He was Chairman of Banking & Insurance Committee, Law & Order Committee & Lives Stock & Fisheries of Chamber of Commerce & Industries-Pakistan.
Mr. Paracha also serves as the President of the Human Rights Foundation of Pakistan that is affiliated with United Nations and has represented Pakistan in UNO. He believes in the internationalization of quality education/training in Professional Development & Vocational skills to kill poverty and hunger from the developing nations. He is also Vice President of West Coast University. He was a founder member of Pakistan Tehreek-e-Insaf and served as an information secretary and President of Karachi and then after was appointed as a Vice President. He joined PMLQ in 2003 and elected President of Karachi Division and thereafter became Senior Vice President of the party. He contested elections for National Assembly for PTI and PML-Q respectively. Now, he is elected as a Chairman of Pakistan Muslim Alliance (PMA) – a registered political party with the Election Commission of Pakistan.[/box]
PAKISTAN & GULF ECONOMIST had an exclusive conversation with Mr. Amanullah Khan Paracha regarding the economic condition of Pakistan vis-à-vis the energy issues. Following are the excerpts of the conversation.
Pakistan produces two million tons molasses per year that is a reasonable amount to produce ethane oil fuels for the transport sector. The Oil & Gas sector of Pakistan has a massive share in the country’s economic development. First of all, each and every Pakistani knows that the exploration of oil & gas in Pakistan is completely politicized and the entire control of investment in this field is controlled by USA & European Union countries. Geological conditions of Pakistan are suitable to invest in the field of oil and gas exploration specially investment in offshore oil & gas fields. Pakistan is the country where we are using natural gas for residential purposes and whereas major natural gas producing countries are utilizing their natural gas resources for their industrialization purposes and hence earning huge amounts of foreign exchange. It is therefore strongly recommended that the private sector must be allowed to participate freely in oil and gas exploration without any hindrance from the government. It is also recommended that all those companies interested in investing their financial resources in exploration of oil and gas in Pakistan are allowed all sorts of tax exemptions on equipment imported and no income tax for ten years. Pakistan’s oil consumption was reported at 445.864 Barrel/Day in December 2019 and this records a decrease from the previous number of 498.197 Barrel/Day for December 2018. Pakistan oil consumption data remains active status in CEIC and is reported by BP PLC. Presuming a growth rate figure of 7%, OCAC stated Pakistan annual petroleum demand could reach around 55 million tons by 2030. Oil accounts for 34.4% of the energy needs of the country. The five oil refineries in the country processed 11.757 million metric tons of crude oil whereas the country’s total demand of oil and gas is approximately 22 million tons. 12 million tons of oil have to be imported during this year.
The impact could be the energy-dependent countries have on their bottom line in the prevailing circumstances timely to take a fresh look at the forces driving this transformation over the next decade. In the prevailing conditions the countries must look into following:
I- More energy resources
II- Geo-economic implications of falling prices
III- The digital revolution
V- Looking at the entire value chain
Pakistan Economic Survey examines that there is a drastic decline in exports and foreign remittances and it gives negative trade tariffs. Due to wrong government policies and amendment of financial bills approved by the national assembly of Pakistan caused unrest in the business community. The entire construction industry as well as export oriented groups are under immense pressure which will bring huge decline in foreign remittance and unemployment will also increase.