Pakistan and Saudi Arabia Agree to Expand Oil Storage, Refinery and Energy Security Cooperation
Pakistan and Saudi Arabia have agreed to strengthen cooperation in oil storage, refinery upgradation, and energy security, with a focus on expanding investment opportunities and developing Pakistan’s energy infrastructure.
ISLAMABAD:: According to Raaz News | Pakistan and Saudi Arabia have agreed to strengthen cooperation in oil storage, refinery upgradation, and energy security, with a focus on expanding investment opportunities and developing Pakistan’s energy infrastructure.
The understanding was reached during a meeting between Pakistan’s Minister for Petroleum, Ali Pervaiz Malik, and Saudi Ambassador to Pakistan, Dr. Rajeh Tami Albugamy, in Islamabad.
New Policy Opens Opportunities for Saudi Investment
During the meeting, Ali Pervaiz Malik said Pakistan had approved a tax-neutral bonded storage policy, creating opportunities for Saudi companies to establish commercial oil storage facilities in the country.
The minister said the policy would help attract foreign investment, expand petroleum storage capacity, and strengthen Pakistan’s role in regional energy trade.
Hub Complex to Strengthen Pakistan’s Energy Corridor Potential
Highlighting a major proposed petroleum storage and refining complex in Hub, Balochistan, the minister said the project would significantly enhance Pakistan’s potential to emerge as a regional energy corridor.
According to Malik, the proposed facility would include infrastructure capable of accommodating Very Large Crude Carriers (VLCCs), helping improve crude oil handling, storage, and supply-chain capacity.
He also highlighted significant opportunities for Saudi investment and partnership in Pakistan’s refinery upgradation programme, inviting Saudi companies to explore mutually beneficial ventures in the sector.
Saudi Arabia Announces Same-Day Visa Processing
In a significant development aimed at strengthening people-to-people and business links, Saudi Ambassador Dr. Rajeh Tami Albugamy announced the introduction of same-day processing of visa applications for Pakistani citizens.
The ambassador said the new facilitation measure would help promote business activities, cultural exchanges, and closer people-to-people contacts between Pakistan and Saudi Arabia.
Defence and Energy Cooperation for Regional Stability
The Saudi ambassador also emphasised that defence and energy cooperation between the two countries was aimed at promoting peace, stability, and economic development across the region.
The meeting reflects the growing focus of Islamabad and Riyadh on expanding their strategic partnership beyond traditional areas of cooperation, particularly through investment in energy infrastructure and closer commercial engagement.
With Saudi investment potential and Pakistan’s plans to modernise its petroleum sector, the proposed initiatives could open new avenues for economic cooperation, strengthen energy security, and enhance Pakistan’s position in regional energy markets.