Pakistan Furniture Council (PFC) Chief Executive Officer Mian Kashif Ashfaq stated on Sunday that the country must prioritize the establishment of strategic oil and natural gas storage facilities. Speaking while chairing a meeting of the council’s Board of Directors in Lahore, Ashfaq emphasized that these facilities are necessary to maintain uninterrupted energy supplies to industries given the current geopolitical tensions in the Middle East.
Ashfaq told the board that developing underground gas storage infrastructure and strategic oil reserves has shifted from a long-term objective to an immediate national security requirement. He argued that by expanding terminal capacity and creating bonded storage hubs, Pakistan could hold energy reserves for several months, absorb shocks in the international market, and ensure that economic activities continue without interruption.
The PFC chief pointed to specific regional events to illustrate Pakistan's vulnerability. He noted that the closure of the Strait of Hormuz on February 28, 2026, and the subsequent declaration of force majeure by QatarEnergy, highlighted the risks of the country sourcing almost all of its LNG requirements from Qatar. He further stated that Pakistan had to request Saudi Arabia's help to reroute crude oil through the Red Sea and was forced to release gas reserves that had been held back for weeks because of a lack of adequate storage.
Regarding the funding of these projects, Ashfaq said the government does not necessarily need to invest public funds. Instead, he proposed that the government should establish clear regulatory frameworks, issue licenses promptly, and fulfill its commitments to encourage investment from the private sector.
