Pakistan and Saudi Arabia have agreed to expand bilateral cooperation in the oil and energy sector, focusing on oil storage, refinery modernisation, liquefied petroleum gas (LPG) supplies and mineral resources. The agreement was reached during a meeting between Pakistan’s Petroleum Minister Ali Pervaiz Malik and Saudi Ambassador Dr Rajeh Tami Albugamy in Islamabad.
During the meeting, both sides explored investment opportunities in Pakistan’s energy infrastructure, particularly the bonded oil storage policy and the proposed Hub Petroleum Complex in Balochistan. The proposed facility is expected to accommodate very large crude oil carriers, providing Saudi companies with improved access to regional energy markets and greater flexibility in oil transportation.
Petroleum Minister Ali Pervaiz Malik highlighted Pakistan’s tax-neutral bonded storage policy, which allows Saudi investors to establish commercial oil storage facilities in the country. He also emphasised opportunities for Saudi investment in Pakistan’s refinery upgradation programme, describing it as an area for potential partnership and long-term investment.
Both countries reaffirmed their commitment to strengthening energy security, expanding investment and enhancing bilateral economic relations. The Saudi ambassador also announced the introduction of same-day visa processing for Pakistani citizens to facilitate business, cultural and people-to-people exchanges.
The discussions also covered broader economic cooperation in agriculture, minerals and mining, following a separate meeting between the Saudi ambassador and Finance Minister Muhammad Aurangzeb. The engagements reflect ongoing efforts by Pakistan and Saudi Arabia to expand cooperation across strategic sectors and translate shared priorities into practical investment opportunities.
