Pakistan invites Saudi investment in oil storage, refinery upgrade

Pakistan has invited Saudi companies to invest in commercial crude storage and refinery upgrades, as the two countries agreed to expand cooperation on energy security. Petroleum Minister Ali Pervaiz Malik presented the proposal to Saudi Ambassador Dr Nawaf bin Said Al-Malki, citing a newly approved bonded-storage policy that imposes no tax burden.

Malik said Pakistan is planning a large storage and refining hub at Hub, Balochistan, designed to handle very large crude carriers. The talks also addressed additional Saudi Aramco crude supplies, dedicated LPG shipments and priority loading of Pakistan-bound crude at Yanbu. Pakistan’s refinery programme aims to improve efficiency and meet Euro-V fuel standards, with opportunities for Saudi investment and joint ventures. The sides also discussed cooperation in minerals, and Pakistan invited a Saudi mining official to its investment forum in Islamabad on November 12 and 13.