Kuwait extends oil credit facility for two years
Kuwait has extended the deferred oil payment facility for two years to ease pressure on Pakistan's foreign exchange reserves.
Pakistan State Oil (PSO) – a state-owned oil marketing giant – imports three cargoes of oil every month from Kuwait on 90-day deferred payments. The total volume of oil supply on credit is 1.8 million tons per year. Now, this credit facility has been extended for two years. Federal Minister for Petroleum Ali Pervaiz Malik met Kuwaiti Ambassador Nassar Abdulrahman J Almutairi at the Ministry of Petroleum. Malik expressed gratitude for the support provided by brotherly countries, including Kuwait, which was pivotal for the structural reforms undertaken by the government of Pakistan.
The Kuwaiti ambassador commended Pakistan's significant economic progress under the leadership of Prime Minister Shehbaz Sharif, particularly in stabilising the economy and improving the investment climate. He expressed confidence in Pakistan's growth trajectory and reaffirmed Kuwait's commitment to deepening economic and energy partnerships between the two nations.
Ali Pervaiz Malik, while acknowledging the support extended by Kuwait, mentioned that the oil credit facility had been extended for two years by Kuwait Petroleum.
"The relations between PSO and Kuwait Petroleum are progressing very well," he said, adding that Kuwait Foreign Petroleum Exploration Company (Kufpec) was already working in the exploration sector and its interest in offshore blocks was welcome.
Their discussion centred on strengthening bilateral energy cooperation and exploring avenues for investment in Pakistan's petroleum sector. Ali Pervaiz Malik emphasised Pakistan's dedication to fostering stronger ties with Gulf nations, particularly in energy and trade. The meeting concluded with the resolve that both sides would build on the existing relationship between Pakistan and Kuwait.
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