KARACHI: Pakistan State Oil (PSO) and Kuwait Petroleum Corporation (KPC) have reaffirmed their 50-year energy partnership, agreeing to continue petroleum product supplies from Kuwait to Pakistan and expand cooperation across various segments of the energy value chain.
Thank you for reading this post, don't forget to subscribe!Under the understanding, both organizations will continue existing arrangements for the supply of gas oil (diesel) and jet fuel to Pakistan, while also working to improve commercial terms and conditions in line with prevailing market conditions.
The agreement was reached during a visit by a PSO delegation to Kuwait, led by Chief Executive Officer Jowad Ahmed Cheema, where discussions were held with KPC’s senior management.
The delegation met KPC CEO and Deputy Chairman Sheikh Nawaf Saud Al-Sabah, as well as Sheikh Khaled Ahmed Al-Sabah, Managing Director of International Marketing at KPC and CEO of Kuwait Oil Tanker Company (KOTC).
During the meetings, both sides explored opportunities to strengthen collaboration in petroleum supplies, storage, shipping, refining, lubricants and investment, with a shared focus on enhancing energy security and supporting long-term growth.
The discussions also covered potential business opportunities involving base oil supplies and lubricant marketing.
A key area of cooperation involves KPC’s potential utilization of Pakistan’s storage and port infrastructure under the recently revised Customs Bonded Storage Policy introduced by the Government of Pakistan.
The facilities would allow imported petroleum products to be marketed in Pakistan’s domestic market as well as re-exported to regional destinations. The remaining formalities and documentation for implementing the initiative are expected to be completed soon in coordination with relevant Pakistani departments and institutions.
In addition, the two organizations will explore potential KPC investments in Pakistan’s energy sector, including gas, refining, storage infrastructure, shipping and logistics.
Commenting on the engagement, PSO CEO Jowad Ahmed Cheema said that KPC’s interest in Pakistan’s storage and port infrastructure offered significant opportunities to strengthen energy security, promote regional trade and attract investment.
He reaffirmed PSO’s commitment to translating the discussions into tangible outcomes, further strengthening the longstanding partnership between the two organizations over the next 50 years.
