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Minister of State for Finance, Ali Pervaiz Malik.
ISLAMABAD:
The government has assured the nation that Pakistan has ample reserves of crude oil and petroleum products, and there is no cause for panic despite the emerging security situation in the Gulf region.
The assurance came during a high-level meeting jointly chaired by Federal Petroleum Minister Ali Pervaiz Malik and Federal Finance Minister Muhammad Aurangzeb on Saturday.
The meeting reviewed the country’s fuel supply situation following the US-Iran war, which will affect regional shipping routes, particularly around the Strait of Hormuz.
The session was attended by senior officials of Petroleum Division, Governor of State Bank of Pakistan and oil members of Oil and Gas Regulatory Authority (OGRA).
The meeting was also attended by top leadership of major refiners including Pak-Arab Refinery Company, Cnergyico, Pakistan Refinery Limited (PRL), National Refinery Limited (NRL) and Pakistan State Oil, along with representatives of the Oil Companies Advisory Council.
According to officials present at the meeting, the governor of the State Bank assured that there will be no delays in oil-related payments, which will allow refineries and oil marketing companies to continue import operations without problems.
The PRL and Pak-Arab Refinery Company (PARCO) reported in the meeting that they face certain logistical challenges in the acquisition of crude oil due to the evolving situation in Hormuz; Both companies confirmed that they currently have sufficient crude oil stocks and expect only minor delays, if any.
Cnergyico said at the meeting that it already has one million barrels of U.S. crude at its port, and that an additional two million barrels are expected to arrive in March via routes that do not pass through the Strait of Hormuz. The NRL said it sources crude from Fujairah and does not foresee any disruption to supply.
The authorities further stated that the stocks of finished oil products in the country are sufficient for more than a month. The main oil marketing companies confirmed that supply chains remain intact and there is no shortage situation.
