Hormuz crisis triggers oil reserves plan

Pakistan's Petroleum Division has launched a feasibility study on Strategic Petroleum Reserves, according to The Express Tribune. Wood Mackenzie won the mandate after a tender that drew four offers. Federal Minister for Petroleum Ali Pervaiz Malik chaired the opening meeting, where timelines and the overall structure of the assignment were agreed. Representatives of Attock Refinery Limited were among those present.

Malik said the government is pushing reforms to strengthen energy security, which he tied directly to national security. He cited the recent Strait of Hormuz crisis as a reason to build stronger buffers against supply disruptions. The study is intended to give the government an evidence-based basis before it commits to such a major strategic initiative. It may also consider developing SPR capacity in phases.

The scope covers technical feasibility, safety and operational checks on proposed storage sites, along with regional benchmarks and policy requirements. It will also review existing infrastructure that could be used for storage and estimate capital expenditure, financing options and institutional responsibilities. A steering committee will be formed to review progress at regular intervals.