THE World Bank says the private sector may reap enormous benefits from the oil and gas production if it creates various products that could be supplied in the whole chain.
The WB Sector Leader for Finance and Private Sector Development, Mr Andrea Dall'Olio, told a news conference during the CEO roundtable on Tuesday that private sector should identify the needs to be supplied in each stage of the oil and gas production chain while observing quality.
"To grab the lucrative deals, private sector should involve gas and oil experts and learn from the vast knowledge obtained in various researches done in other countries," he said.
He urged the private sector to enter into joint ventures with foreign firms where they cannot do alone in order to reap maximum returns from the investment in the sector.
The CEO Chairman, Mr Ali Mufuruki, said the WB believes and recognises the necessity for local content development and private sector participation for sustainable economic growth in the country.