"We are importing LPG at present, which is costing more than two and half times more than being produced locally," the President said, adding Pakistan's energy requirements were on the rise and efforts were being made to produce more energy in the country under a comprehensive plan. He said that a 600-megawatt coal fire power plant was being set up at Thar as part of the plan.
Referring to the national economy, Musharraf said that our economy was moving ahead in a positive direction and hoped that this year our economic growth would touch 7.5 percent mark.
He said the setting up of LPG plant near Hyderabad was a testimony of foreign investors' confidence on the government's investment policies and added that such investment would encourage more foreign investors to invest in Pakistan.
The President said setting up of LPG plant is a significant development that would help in poverty alleviation and also check the deforestation. He held out an assurance that the government would not hesitate to provide all incentives to those who will invest in any sector in Pakistan.
Earlier, speaking on the occasion Federal Minister for Petroleum and Natural Resources, Amanullah Khan Jadoon said that Jamshoro Joint Venture would add 50 percent more LPG in our existing local production.
Iqbal Z Ahmed, Chairman Jamshoro Joint Venture Limited, welcoming the President announced that in line with the de-regularisation policy of the government, the company would establish more such plant in other parts of the country also.
He announced a donation of Rs 2 million in the President Tsunami Relief Fund and setting up of a community centre for imparting the technical training to the people of the area.
The JJVL is estimated to cost Rs 2 billion and when fully commissioned will be the single largest producer of LPG in the country, producing up to 500 metric tonnes per day. The plant would meet the energy needs of 500,000 households across Pakistan and create around 5000 new jobs.