Islamabad: Wood Mackenzie has been awarded the contract to conduct a feasibility study for the establishment of strategic petroleum reserves in Pakistan. The company was chosen through a competitive process that attracted four bids.

According to Radio Pakistan, Minister for Petroleum Ali Pervaiz Malik presided over a meeting in Islamabad, where he highlighted that the study will focus on proposing practical solutions tailored to the nation’s energy needs. The study will evaluate the current infrastructure, logistics, financing, and regulatory frameworks pertinent to strategic petroleum storage.

The Federal Minister has instructed all stakeholders to provide full cooperation to Wood Mackenzie. Additionally, a steering committee will be set up to regularly monitor the progress of the feasibility study. Malik emphasized the importance of energy security, linking it to national security, and noted ongoing reforms in the energy sector.

The recent crisis in the Strait of Hormuz has underscored the necessity for Pakistan to enhance its domestic energy security and build resiliency against potential supply disruptions, Malik added.