PSO and Kuwait Petroleum agree to continue fuel supplies, explore wider cooperation

Pakistan State Oil PSO and Kuwait Petroleum Corporation have agreed to continue diesel and jet fuel supplies from Kuwait to Pakistan, while discussing expanded cooperation across the energy sector. The understanding was reached during meetings between senior officials of the two companies in Kuwait.

The companies agreed to adjust the terms of existing fuel supply arrangements in line with market conditions. They also discussed possible supplies of motor gasoline and petrochemicals, along with base oil and lubricant marketing.

Kuwait Petroleum will use Pakistan’s storage and port facilities under the government’s revised Customs Bonded Storage Policy. The arrangement is intended to support sales in Pakistan and re-exports to regional markets. Remaining procedures and documentation are expected to be completed shortly with relevant Pakistani departments and institutions.

The discussions also covered potential cooperation and investment in gas, refining, storage infrastructure, shipping and logistics. The companies are exploring opportunities to extend their five-decade relationship beyond fuel supply arrangements.

PSO shares closed at Rs368.25 on Thursday, November 12.