Pakistan Offers Saudi Companies Opportunity to Establish Commercial Oil Reserves

ISLAMABAD:Pakistan has offered Saudi companies the opportunity to establish commercial oil storage facilities in the country under a tax-neutral bonded storage policy.

The offer was made during a meeting between Federal Minister for Petroleum Ali Pervaiz Malik and Saudi Arabia’s newly appointed Ambassador to Pakistan, Dr Rajeh bin Thamer Al-Baqami, held on Thursday.

The meeting discussed ways to enhance bilateral cooperation and investment in the minerals, petroleum and energy sectors.

Pakistan also presented a proposal for establishing a major petroleum storage and refining complex in Hub, Balochistan, as part of efforts to attract Saudi investment in the country’s energy sector.

Clarify the bonded storage policyTighten the headline and lead