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Pakistan and Saudi Arabia have discussed expanding cooperation in the petroleum, energy and mining sectors, including strategic oil storage, refinery upgrades and increased supplies of liquefied petroleum gas (LPG).<\/strong><\/p>\n The discussions took place during a meeting between Pakistan\u2019s Federal Minister for Petroleum, Ali Pervaiz Malik, and Saudi Arabia\u2019s newly appointed ambassador to Pakistan, Dr Rajeh bin Tami Al-Baqami.<\/p>\n The meeting focused on opportunities for Saudi investment in Pakistan\u2019s energy infrastructure and ways to strengthen commercial ties between the two countries.<\/p>\n Ali Pervaiz Malik said Pakistan valued its longstanding strategic relationship with Saudi Arabia and remained committed to expanding cooperation in key economic sectors.<\/p>\n He also referred to his recent visit to Riyadh, during which he conveyed Pakistan\u2019s leadership\u2019s message of solidarity and affection for the Saudi people to Prince Abdulaziz bin Salman Al Saud.<\/p>\n The Minister informed the Ambassador that Pakistan has approved a tax-neutral bonded policy, benchmarked against international energy hubs such as Fujairah and Singapore.<\/p>\n Under this framework, Saudi companies can establish commercial oil reserves in Pakistan without local tax liabilities, offering an opportunity to diversify maritime transit risks associated with the Strait of Hormuz and Bab Al Mandeb Strait while facilitating access to Asian markets.<\/p>\n He highlighted that strategic oil storage facilities in Pakistan would provide Saudi Arabia with greater flexibility in managing supply routes and accessing regional markets.<\/p>\n He further highlighted Pakistan\u2019s plans to develop a major petroleum storage and refining complex at Hub, Balochistan, under guidance of Technip Energies UK.<\/p>\n The proposed facility, supported by the Prime Minister and the Chief of Defence Forces, will have the capacity to accommodate Very Large Crude Carriers and strengthen Pakistan\u2019s potential as a regional energy corridor serving Central Asian and Chinese markets.<\/p>\n The Minister also highlighted the investment opportunities offered by Pakistan\u2019s ongoing refinery upgradation program, aimed at modernizing domestic refining infrastructure, improving operational efficiency and transitioning towards Euro 5 fuel standards.<\/p>\n He said the program offers significant opportunities for Saudi investment and participation in Pakistan\u2019s refining sector.<\/p>\n Appreciating Saudi Arabia\u2019s support during recent global market disruptions, the Minister thanked the Saudi authorities at Yanbu port for prioritizing crude oil shipments to Pakistan.<\/p>\n He also discussed coordination with Saudi Aramco to explore expanded procurement of crude oil cargoes and dedicated LPG shipments to support Pakistan\u2019s energy requirements, particularly in view of the anticipated increase in domestic gas demand during the winter season.<\/p>\n Both sides underscored that the strong defence and strategic partnership between Pakistan and Saudi Arabia provides a foundation for broader regional peace, stability and economic cooperation.<\/p>\n Ambassador Dr. Rajeh bin Tami Al-Baqami reiterated Saudi Arabia\u2019s deep appreciation for Pakistan\u2019s longstanding support, stating that the two countries stand together in all circumstances. He emphasized that their defence and energy cooperation frameworks are aimed at promoting peace, stability and economic growth across the region.<\/p>\n The Saudi Ambassador also announced that the Embassy of Saudi Arabia in Islamabad has introduced same-day processing of visa applications for Pakistani citizens to facilitate travel and strengthen business, cultural and people-to-people exchanges.<\/p>\n The Minister also invited Saudi Arabia\u2019s Vice Minister of Mining, Khalid al-Mudafier to participate in the Pakistan Minerals Investment Forum scheduled to be held in Islamabad on November 12 and 13, highlighting further opportunities for cooperation and investment in Pakistan\u2019s minerals sector.<\/p>\n Both sides expressed their commitment to further strengthening the longstanding brotherly relationship through enhanced cooperation, investment and mutually beneficial partnerships in the energy and petroleum sectors.<\/p>\n<\/div>\n