Pakistan State Oil (PSO) and Kuwait Petroleum Corporation (KPC) have agreed to continue the supply of diesel and jet fuel from Kuwait to Pakistan, while exploring broader cooperation across the energy sector.
The understanding was reached during a visit to Kuwait by a PSO delegation led by Chief Executive Officer Jowad Ahmed Cheema, which held meetings with KPC’s senior leadership.
The two sides also agreed to improve the terms and conditions of existing supply arrangements in line with prevailing market conditions, reaffirming their 50-year energy partnership.
The discussions covered potential cooperation in petroleum supplies, storage, shipping, refining, lubricants and investment, with a focus on strengthening energy security and promoting long-term growth.
KPC will also utilise Pakistan’s storage and port facilities under the government’s recently revised Customs Bonded Storage Policy. The arrangement will allow imported petroleum products to be sold in the domestic market as well as re-exported to regional markets.
The remaining formalities and documentation for implementing the initiative are expected to be completed soon in coordination with relevant Pakistani departments and institutions.
The two organisations also explored business opportunities in base oil supplies and lubricant marketing, alongside potential KPC investments in Pakistan’s energy sector, including gas, refining, storage infrastructure, shipping and logistics.
During the visit, the PSO delegation met KPC Chief Executive Officer 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.
Cheema said KPC’s interest in Pakistan’s storage and port infrastructure offered significant opportunities to strengthen energy security, promote regional trade and attract investment.
“PSO is committed to translating these discussions into tangible outcomes over the next 50 years,” he added.
Source: brecorder
Leave a Reply