Pakistan offers tax-free oil storage facilities to KSA

Pakistan has cleared a tax-neutral arrangement intended to draw Saudi investment into oil storage, allowing Saudi firms to hold commercial reserves locally without domestic tax charges, Business Recorder reported. The measure was raised in talks between Petroleum Minister Ali Pervaiz Malik and Saudi Arabia’s ambassador, alongside possible cooperation in petroleum, mining and energy.

Officials presented the framework as comparable with arrangements in Fujairah and Singapore, and said storage in Pakistan could help Saudi Arabia manage shipping-route exposure and reach Asian buyers. The minister also described a proposed storage and refining site at Hub, Balochistan, designed for Very Large Crude Carriers, and invited Saudi participation in refinery upgrades. Discussions covered additional crude shipments with Saudi Aramco and dedicated LPG cargoes, while the ambassador announced same-day visa application processing in Islamabad.