ISLAMABAD: Pakistan and Saudi Arabia have agreed to bolster their collaboration in the energy sector, focusing on oil storage, refinery upgrades, and energy security. This development emerged from a meeting between Pakistan’s Minister for Petroleum, Ali Pervaiz Malik, and Saudi Ambassador to Pakistan, Dr. Rajeh Tami Albugamy, in Islamabad.

According to Radio Pakistan, Minister Malik highlighted the approval of a tax-neutral bonded storage policy in Pakistan, which presents an opportunity for Saudi firms to set up commercial oil storage facilities in the country. The Minister also discussed plans for a significant petroleum storage and refining complex in Hub, Balochistan, which promises to enhance Pakistan’s potential as a regional energy corridor. The Hub complex is expected to feature facilities capable of accommodating Very Large Crude Carriers.

Minister Malik further emphasized the prospects for Saudi investment in Pakistan’s refinery upgradation program. Meanwhile, Ambassador Albugamy announced the introduction of same-day processing for visa applications for Pakistani citizens, aiming to boost business, cultural, and people-to-people exchanges between the two nations.

The Saudi Ambassador remarked that the cooperation in defense and energy sectors between Pakistan and Saudi Arabia is intended to foster peace, stability, and economic growth in the region.