ExxonMobil, the world's largest publicly traded international oil and gas company is set to re-enter Pakistani market after being away for nearly three decades, well-informed sources in the Board of Investment (BoI) told Business Recorder. According to the company's Chief Executive Officer Irtiza Sayyed, Pakistan is a very important market for ExxonMobil with existing and growing demand for energy as it continues its economic growth trajectory. A country with a population of 200 million plus individuals, 67 per cent of whom are under the age of 30, brings Pakistan at the crossroads of an emerging economy.

In a letter to the BoI, he said that ExxonMobil has been evaluating its re-entry into Pakistan for sometime and has been actively pursuing energy related opportunities for several years. Two of most significances are as follows: (i) ExxonMobil Exploration and Production Pakistan BV has completed acquisition of a 25 per cent interest in Block-G (offshore) for which Eni Pakistan Limited will continue to be the operator. The PPL and OGDC are 25 per cent shareholders apart from ENI and ExxonMobil. The first exploration well is planned for January 2019; (ii) ExxonMobil LNG Market Development Inc has partnered with Pakistani Consortium Energas to support the development of Pakistan's third LNG import terminal with reliable supply of LNG from its joint ventures to private consumers consisting of IPPs and the CNG industry in the near term, with the desire to supply other sectors as they develop. Energas is sponsored by Younus Brothers (Lucky Cement), Saphire Group and Halmore Power Company.

Irtiza Sayyed further stated that the company is focused on re-entering the Pakistani market after being away for nearly three decades. The company has registered its local affiliate in Pakistan "ExxonMobil Pakistan (Private) Limited" and secured office space in Islamabad for head office, which marks the official return of ExxonMobil to Pakistan.

"With the permanent presence on an ExxonMobil head office in Pakistan, our other business ventures will explore the feasibility of the opportunities in the energy sector," he said, adding that with success of these ventures, ExxonMobil could bring employment to hundreds of Pakistan's technical training and worlds' best industrial practices.

The company's Chairwoman Emma Cochrane, LNG Market Development, will be visiting Pakistani along with Michael Deal, Vice President ExxonMobil Exploration Co, as well as other senior officials.

"We will unveil the ExxonMobil Pakistan plaque on November 27 to mark our return to Pakistan, signifying stability in the country, attractive policy and incentives enabling foreign direct investment by large corporates like ExxonMobil," Sayyed added.

Copyright Business Recorder, 2018