Islamabad (TDI): Kuwait has extended the deferred oil payment facility for two years to ease pressure on Pakistan’s foreign exchange reserves.
Pakistan State Oil (PSO) – a state-owned oil marketing giant – imports three cargoes of oil every month from Kuwait on 90-day deferred payments.
The total volume of oil supply on credit is 1.8 million tons per year.
The credit facility has been extended for another two years.
Federal Minister for Petroleum Ali Pervaiz Malik called on Kuwaiti Ambassador Nassar Abdulrahman J Almutairi at the Ministry of Petroleum, wherein he expressed gratitude for the Kuwait’s help, instrumental in advancing the structural reforms introduced by the government of Pakistan.
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The Kuwaiti envoy acknowledgef Pakistan’s important economic progress under the leadership of Prime Minister Shehbaz Sharif, especially in stabilizing the economy and improving the investment climate.
He expressed optimism about Pakistan’s development path and reaffirmed Kuwait’s commitment to strengthening bilateral economic and energy cooperation.
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Appreciating Kuwait’s continued support, Ali Pervaiz Malik confirmed that Kuwait Petroleum had extended the oil credit facility for another two years.
He noted that ties between PSO and Kuwait Petroleum were progressing positively, adding that the involvement of Kuwait Foreign Petroleum Exploration Company in the exploration sector and its interest in offshore blocks was a welcome development.
They discussed the strengthening bilateral energy collaboration and exploring avenues for investment in Pakistan’s petroleum sector.
Ali Pervaiz Malik reiterated Pakistan’s dedication to fostering stronger relations with Gulf nations, especially in energy and trade.
