PESHAWAR: A foreign company operating oil and gas extraction plants in Khyber Pakhtunkhwa will increase production from February 9 at the provincial government`s request.

The information was shared with Chief Minister Pervez Khattak during a high-level meeting here on Friday, where representatives of MOL, a Hungarian company, and a British investment company, andothers were in attendance, says an official handout issued on Friday.

According to the handout, MOL adviser Ali Murtaza informed the meeting that his company had planned to increase gas production at its Khyber Pakhtunkhwa unit by 34MMCF, oil production by 7600 barrels and LPG production by 300 tons daily from February 9, 2014.

The company, it added, it currently producing 40,000 barrels oil and 270 MMCF gas per day.

`The increase in the production of petroleum products will provide a sound footing for industrial development in the province.

The MOL representative informed the meeting that 15 MMCF gas would be utilised to set up a thermal power house with electricity production capacity of 60mw andthe same could be used for industrial purposes.

Similarly, the additional production of oil and gas and the bulk LPG production would also promote the production of petroleum by-products.

Speaking on the occasion, Mr Khattak said his government had decided to establish four new industrial zones and an oil refinery in the province.

Similarly, a comprehensive plan has been chalked out to provide cheap electricity to industries by setting up hydel and thermal power houses in an effort to attract local and foreign investors.

On this occasion, the representatives of the foreign companies said their respective companies were interested to invest in new projects.Appreciating MOL`s performance, the chief minister assured it of his government`s cooperation for the establishment of oil refinery.

He also appreciated the generous offer of George H Richmond, the chief executive officer of the British firm, for promising investment in the provincial energy, mineral, natural resources and highways sectors.

Mr Khattak said his government had decided to cope up with the energy issue on emergency grounds to help overcome the energy crisis faced industries in the province.

He said peace was coming back to Khyber Pakhtunkhwa, hoping investment in the oil and gas sectors would help create job opportunities and reduce poverty.

He said the provincial govern-ment was ready to provide all guaranties to the local and foreign investment companies including securities, inexpensive electricity and skilled manpower.

The meeting was attended by adviser to the chief minister on economy and investment Rafaqatullah Babar, additional chief secretary Khalid Pervez, Energy and Power secretary Sahibzada Saeed, finance secretary Saeed Badshah Bukhari, and other officers concerned.

Later, the representatives of the two companies met adviser to the chief minister on mineral development Ziaullah Afridi and expressed their willingness to invest in exploration of copper, gold, iron ore, precious stones and other minerals in Khyber Pakhtunkhwa in Chitral district.