Karachi: Pakistan State Oil (PSO) and Kuwait Petroleum Corporation (KPC) have renewed their 50-year energy partnership, agreeing to expand cooperation across the energy value chain and explore new avenues for strategic collaboration. The partnership will enhance supply arrangements, explore a wider product basket, and advance lubricants cooperation.
According to Pakistan State Oil, the PSO delegation, led by CEO Jawwad Ahmed Cheema, met with KPC's senior leadership, including CEO Shaikh Nawaf Saud Al-Sabah and Managing Director International Marketing Shaikh Khaled Ahmad Al-Sabah, to discuss the expansion of their partnership in response to evolving global energy dynamics and Pakistan's growing energy needs. The discussions resulted in agreements on supply, storage, shipping, refining, lubricants, and investment, all aimed at bolstering energy security and long-term growth.
Key outcomes of the meeting include the renewal of the longstanding gasoil and jet fuel supply arrangements, the exploration of motor gasoline and petrochemicals supplies, and discussions on base oil supplies and broader opportunities in lubricants marketing. Additionally, KPC will utilize Pakistan's storage and port facilities under the recently revised Customs Bonded Storage Policy, which is expected to facilitate implementation quickly. KPC also expressed interest in further strategic alliances and potential investments in Pakistan's energy sector, including refining, storage infrastructure, shipping, and logistics.
PSO invited KPC's top management to visit Pakistan early next year to celebrate the partnership's 50th anniversary. Mr. Cheema emphasized the partnership's evolution into a strategic alliance, highlighting opportunities to strengthen energy security and facilitate regional trade. Shaikh Khaled Ahmad Al-Sabah echoed the sentiment, underscoring the valued partnership and mutual support over the past fifty years.
PSO acknowledged the support of the Government of Pakistan and the Petroleum Division for policy reforms that facilitate international investment in the energy sector.