Key Takeaways
- Federal Minister for Petroleum Ali Pervaiz Malik met with Tareq Ebrahim, Vice President Operations of Kuwait Foreign Petroleum Exploration Company (KUFPEC).
- The meeting focused on opportunities to strengthen collaboration in Pakistan's energy sector.
- Malik assured KUFPEC of government support and a favourable environment for investment.
Federal Minister for Petroleum Ali Pervaiz Malik met with Tareq Ebrahim, Vice President Operations of Kuwait Foreign Petroleum Exploration Company (KUFPEC), to discuss expanding cooperation in Pakistan's petroleum sector. The meeting took place on Tuesday and aimed at exploring new investment opportunities in the upstream oil and gas sector.
During the discussion, Malik highlighted the long-standing partnership between Pakistan and Kuwait, emphasizing that both countries share a 50-year history of collaboration in energy matters. He assured KUFPEC of the government's commitment to facilitating international investors in the energy sector and pledged every possible cooperation for their projects.
Tareq Ebrahim, speaking on behalf of KUFPEC, expressed interest in exploring investment opportunities in Pakistan’s upstream oil and gas sector. He stated that the company is keen on expanding its presence in the country to leverage the potential benefits offered by the region's energy resources.
The meeting came at a time when Pakistan's fuel supply chain is showing signs of stress due to policy delays, the closure of the Strait of Hormuz, and low stock levels. These factors have raised concerns about an impending oil shortage, underscoring the urgency for increased cooperation in the sector.
Malik also emphasized that the government remains committed to expanding its long-standing energy cooperation with Kuwait. He highlighted the strategic importance of maintaining strong ties with KUFPEC, given the company's expertise and experience in the region.
The discussions covered various aspects including potential joint ventures, infrastructure development projects, and regulatory support for KUFPEC’s operations. Both parties agreed on the need to work together to address current challenges and capitalize on future opportunities in Pakistan’s energy sector.
Kuwait was 'a close friend of Pakistan' and noted that the two countries shared 'a 50-year partnership in the energy sector.'
Ali Pervaiz Malik, Federal Minister for Petroleum
The government remains committed to expanding its long-standing energy cooperation with Kuwait.
Ali Pervaiz Malik, Federal Minister for Petroleum
