ISLAMABAD: Pakistan and Saudi Arabia have agreed to strengthen bilateral cooperation in oil storage, refinery upgradation, liquefied petroleum gas (LPG) supplies and the minerals sector, with a focus on expanding investment opportunities and enhancing energy security.
Thank you for reading this post, don't forget to subscribe!The understanding was reached during a meeting between Federal Minister for Petroleum Ali Pervaiz Malik and Saudi Ambassador to Pakistan Dr Rajeh Tami Albugamy in Islamabad on Friday.
According to a statement issued by the Petroleum Division, the minister highlighted investment opportunities under Pakistan’s bonded oil storage policy and the proposed Hub petroleum complex in Balochistan, which could provide Saudi companies with greater flexibility in energy supply routes and access to Asian markets.
Malik said the proposed Hub complex would have facilities capable of accommodating very large crude oil carriers, creating opportunities for large-scale oil storage and regional energy trade.
He also highlighted Pakistan’s recently approved tax-neutral bonded storage policy, which allows Saudi companies to establish commercial oil storage facilities in the country.
Discussing the ongoing refinery upgradation programme, the petroleum minister identified significant opportunities for Saudi investment and strategic partnerships to modernise Pakistan’s refining infrastructure.
Both sides reaffirmed their commitment to strengthening bilateral energy cooperation, investment and economic ties, according to the ministry.
During the meeting, Ambassador Albugamy also announced the introduction of same-day visa processing for Pakistani citizens, a measure aimed at facilitating business activities, cultural exchanges and people-to-people contacts between the two countries.
The Saudi envoy further emphasised that defence and energy cooperation between Pakistan and Saudi Arabia was aimed at promoting regional peace, stability and economic development.
