Pakistan and Saudi Arabia have agreed to expand their partnership in key energy and mineral sectors, including oil storage, refinery modernisation, liquefied petroleum gas (LPG) supplies and minerals.
The agreement was reached at a meeting in Islamabad between Federal Minister for Petroleum Ali Pervaiz Malik and Saudi Ambassador to Pakistan Dr Rajeh Tami Albugamy.
In a statement posted on X, the Petroleum Ministry said Malik discussed investment prospects under Pakistan’s bonded oil storage policy and the proposed Hub petroleum complex in Balochistan. He noted that these initiatives could provide Saudi Arabia with more flexible energy supply routes and improved access to Asian markets.
Malik also stated that the proposed complex would be equipped to handle very large crude oil carriers, Radio Pakistan reported.
“Pakistan has approved a tax-neutral bonded storage policy, offering Saudi companies an opportunity to establish commercial oil storage facilities in the country,” the minister stated during the meeting.
Speaking about Pakistan’s refinery modernisation initiative, the minister highlighted the substantial scope for Saudi investment and collaboration in the sector.
The ministry stated that both countries reiterated their resolve to enhance cooperation in energy security, investment and bilateral relations.
During the discussion, the Saudi ambassador announced the launch of same-day visa processing services for Pakistani nationals. He said the initiative would encourage stronger business, cultural and people-to-people exchanges between Pakistan and Saudi Arabia.
Ambassador Albugamy also noted that defence and energy partnerships between the two countries were aimed at supporting regional peace, stability and economic growth.
A day earlier, the Saudi ambassador also met with Finance Minister Muhammad Aurangzeb, during which both sides stressed the importance of turning their common priorities into practical results.
According to a statement released by the Ministry of Finance on Thursday, the meeting focused on enhancing economic collaboration in agriculture, minerals, mining and other sectors offering investment opportunities.
It is worth mentioning that Prime Minister Shehbaz Sharif, during his meeting with the Saudi envoy on October 17, praised the significant progress made in Pakistan-Saudi Arabia relations over the years. He also reiterated Pakistan’s resolve to strengthen existing institutional frameworks to further expand and deepen cooperation across various fields.
The prime minister stated, “Pakistan stands shoulder-to-shoulder with the Kingdom of Saudi Arabia in safeguarding its sovereignty, security and territorial integrity.”
