Kuwait has agreed to build strategic petroleum storage facilities in Pakistan as both countries seek to strengthen energy cooperation.
The understanding was reached during a meeting in Islamabad between Petroleum Minister Ali Pervaiz Malik and Kuwait’s Ambassador to Pakistan, Nassar Abdulrahman Jasser Almutairi, according to a statement issued by the Petroleum Division.
Both sides discussed prospects for expanding cooperation in the petroleum and energy sectors, particularly refining and fuel storage infrastructure, and agreed to examine projects that could provide long-term benefits to both countries.
The meeting also focused on the impact of the ongoing Middle East crisis and disruptions caused by the closure of the Strait of Hormuz, a key global energy shipping route that previously handled nearly one fifth of the world’s oil and gas supplies.
During the meeting, the petroleum minister thanked Kuwait for facilitating the safe dispatch of the vessel Khairpur, which recently arrived in Pakistan carrying around 45,000 tonnes of diesel and 10,000 tonnes of jet fuel during the regional supply crisis.
The minister said the shipment was made possible through special approvals and close coordination between the two governments after disruptions in shipping routes created concerns over fuel availability in Pakistan.
Pakistan imports more than 60 percent of its diesel requirements from Kuwait under a long-term agreement between Kuwait Petroleum Corporation and Pakistan State Oil, making Kuwait one of Pakistan’s most important energy partners.
Kuwait had also extended its oil credit facility to Pakistan for another two years earlier this year and previously assured Islamabad of continued support for diesel and jet fuel supplies despite disruptions linked to the Strait of Hormuz crisis.
The Kuwaiti ambassador appreciated Pakistan’s efforts for regional peace and de-escalation and said Islamabad’s role during the crisis has improved its standing in the international community.
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our leaders are so fond of begging for something or the other...sometimes loan other times help.
Now Pakistan is realizing that how important is petrochemicals Industry , oil storage facilities after the war. Pakistan is importing every thing , the big population country and worst export policies in the world.