He offered upstream and downstream areas to investors with a hope that companies like Shell would take full advantage of incentives offered by Pakistan and invest more in oil and gas sector.
The minister was inaugurating Shell's underground tanks (UGTs) seals quality initiative. Shell Managing Director Farooq Rahmatullah also addressed the ceremony.
Nauraiz appreciated Shell's new initiative to ensure supply of quality petroleum products to the customers. He said that UGTs would play an important role to put an end to marketing of adulterated and substandard petroleum products in Pakistan.
The minister said that Pakistan's upstream and downstream oil and gas areas were open to local and foreign investors and they should take full advantage of incentives offered by the government to attract investment for the sector.
He hoped that other oil marketing companies would follow Shell to put in place a system to ensure supply of quality and standard petroleum products to the customers. He said the government has deregulated oil sector to enhance the role of the private sector.
The minister said deregulation has not only created enormous opportunities for the prospective investors to come forward, but also brought a healthy competition in the petroleum marketing sector ultimately benefiting the consumers.
Farooq Ramatullah said the company has been at the forefront in ensuring optimum quality and accurate quantity of its products for its customers.
Being an innovator in bringing world class standards to fuels retailing in Pakistan, Shell has consistently delivered value-added services for the customers, which have led it to be the first choice of motorists from Karachi to Khyber.
He said that Shell's UGT seals would discourage sales of low-grade smuggled petroleum products. It would not only reinforce consumer's trust in Shell fuels, but will also help in curtailing malpractices at petrol pumps.
Underground fuel storage tanks at retail stations would be sealed by Shell's authorised representatives. The seals would bear identification serial numbers that can be matched and cross-checked with the company's original records. The seals will be regularly checked to ensure that the seals are intact and present at all underground fuel storage tanks.
The initiative was recognised as the first of its kind in Pakistan. Shell has been commended for its efforts to curb illegal practice of selling smuggled or contaminated low-grade fuels in Pakistan.