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OPEC+ Proposes 1-Million-Bpd Production Increase

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U.S. Govt Considering Funding Pakistan’s Diamer-Bhasha Dam

A senior official in Pakistan’s Finance Ministry, speaking on condition of anonymity, said that the U.S. government is considering providing $1 billion for Pakistan’s Diamer-Bhasha dam over a period of five years.

The offer will reportedly be finalized during the upcoming Pakistan-U.S. strategic dialogue on energy, tentatively scheduled for 14-15 September.

The official said, "Carlos Pascual, the State Department special envoy and coordinator for international energy affairs, will lead the U.S. side while Finance Minister Dr Hafeez Sheikh will head the delegation during the two-day talks," The News Online reported.

The U.S. government has repeatedly expressed concern of the state of Pakistan’s energy infrastructure. Since 2008 the Pakistani government has spent hundreds of millions of dollars in the nation’s power sector attempting to resolve numerous issues including subsidies, inefficiency, mismanagement and line losses, which in turn has aggravated the country’s debt, which U.S. authorities label the main hindrance in attracting foreign investment in the nation’s power sector. As Washington has become increasingly aware that Pakistan is facing serious water problems the U.S. government has decided to help Pakistan build the dam to increase water storage capacity despite its misgivings about Pakistan’s energy sector.

By. Joao Peixe, Deputy Editor OilPrice.com



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