PM inaugurates construction of white oil pipeline project

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi on Friday said that petroleum products prices would be reduced after the accomplishment of White Oil Pipeline project.

He was addressing the foundation stone laying ceremony of White Oil Pipeline project at Port Qasim in Karachi on Friday.

He expressed the hope that this five billion rupees project will be completed in 20 months.

The prime minister said this pipe line will have the storage capacity of 255,000 tons of diesel and petroleum products.

He said that this is the project of sensitive nature and assured that this will not affect the business of tankers and other transporters.

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He said since petroleum products across the world were supplied through pipeline because of its transportation through roads was dangerous and the incident took place at Bahawalpur was its clear proof.

Shahid Khaqan Abbasi said that because of presence of over 10 thousand tankers in the petroleum products supplying system there always existed the threats of accidents.  He assured that concerns of oil tanker transporters will be allayed.

The prime minister said that energy crisis in the country had been controlled and over 10,000 megawatts of electricity had been added to the national grid during last four years.

He said Pakistan had been spending billions of dollars on import of furnace oil and announced that now Pakistan would not import furnace oil and thus would save billions of dollars were incurred in this regard.

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The PM said that CNG in sufficient quantity was available in the country and there had been no load shedding of CNG.

He said that at present growth rate in the country was 5.3 percent which would be taken to the six percent. He said with accomplishment of project being undertaken through CPEC the economic growth rate will further be increased.

Abbasi said that the standard of petroleum products in the country was being raised.

Later, addressing the launching ceremony of promotion of home remittances through M-Wallet Account and policy for promotion of Small and Medium Enterprises finance at the State Bank of Pakistan building in Karachi, the premier said economy of the country was linked with the development of the SME.

He said that development of SME business was imperative for development of the economy. He said the SBP was fully supporting SMEs.