Islamabad: Federal Minister for Petroleum Ali Pervaiz Malik met with the new Ambassador of Saudi Arabia to Pakistan, H.E. Dr. Rajeh bin Tami Al-Baqami, to discuss strengthening bilateral ties in the mining, petroleum, and energy sectors. The discussions centered on strategic oil storage, refinery upgrades, LPG supplies, and commercial engagements to bolster energy security.

According to Press Information Department, the Minister emphasized the historic relationship between Pakistan and Saudi Arabia, highlighting recent dialogues with Saudi leadership. He announced a tax-neutral bonded policy allowing Saudi companies to establish oil reserves in Pakistan, thereby diversifying maritime transit risks and enhancing access to Asian markets. Plans for a major petroleum storage and refining complex in Hub, Balochistan, were also discussed, with involvement from Technip Energies UK and backing from Pakistan’s Prime Minister and military leadership.

The Minister outlined investment opportunities in Pakistan’s refinery upgradation programme aimed at modernizing infrastructure and transitioning to Euro 5 fuel standards, inviting Saudi participation. He acknowledged Saudi support during global market disruptions and discussed expanding crude oil and LPG shipments with Saudi Aramco.

Both parties highlighted the strong strategic partnership between Pakistan and Saudi Arabia, promoting regional peace and economic cooperation. Ambassador Al-Baqami expressed appreciation for Pakistan’s support and announced same-day visa processing for Pakistani citizens to enhance bilateral exchanges.

The Minister extended an invitation to Saudi Arabia’s Vice Minister of Mining, Khalid al-Mudafier, to the upcoming Pakistan Minerals Investment Forum, advocating for further cooperation in the minerals sector. The meeting concluded with a commitment to deepen the brotherly relationship through enhanced energy and petroleum sector collaborations.