A Memorandum of Understanding (MoU) was signed between Oil and Gas Development Company Limited and its partner companies for establishment of Greenfield Refinery in the country.

Addressing the MoU signing ceremony in Islamabad on Thursday, Minister of State for Petroleum Dr Musadik Malik said establishment of Greenfield Refinery will help decrease trade deficit of the country.

Giving a brief of the government's achievements during the past one year, the Minister said the 138 Million Cubic Feet natural gas of worth one point one billion dollar was explored and added during this period.

He said the dividends of agreement signed with Russia for Crude Oil will reach the masses very soon.

Musadik Malik said negotiations are underway with our friendly countries including Saudi Arabia, United Arab Emirates and other member countries of Gulf Cooperation Council for import of cheap oil and gas to the country.

He said the incumbent government also resumed talks on Turkmenistan-Afghanistan-Pakistan-India Gas Pipeline project, which was shelved by the previous government, while a framework agreement was signed with Azerbaijan for LNG procurement on flexible terms.

The Minister said under the agreement, Azerbaijan will offer one Cargo of LNG each month and it will be up to Pakistan to either accept the cargo or not. He said there will be no financial penalty if Pakistan does not accept the cargo.

He said the government will also open schools and hospitals at all the places, where projects for oil and gas exploration will be launched to facilitate the local population.