Pakistan approves tax-free oil storage for Saudi companies
Federal Minister for Petroleum Ali Pervaiz Malik met with Saudi Ambassador Dr Rajeh bin Tami Al-Baqami in Islamabad on Friday to announce a new policy.
Tax-neutral bonded policy approved
The government has allowed Saudi firms to create commercial oil reserves without facing local tax liabilities. This framework mirrors international energy hubs like Fujairah and Singapore. The move aims to help diversify maritime transit risks linked to the Strait of Hormuz.
Refinery complex planned at Hub
Officials highlighted plans to build a major petroleum storage and refining complex at Hub in Balochistan. Technip Energies UK will guide the development of this facility. The proposed site can accommodate Very Large Crude Carriers.
Broader energy sector cooperation
The meeting also covered opportunities for refinery upgradation and LPG supplies between the two nations. Both sides discussed strengthening bilateral ties in mining, petroleum, and energy sectors. Pakistan expressed its commitment to expanding cooperation across these strategic areas.
All 2 outlets report consistently
No differences in figures, names or dates across these reports.
- Business Recorder
- Associated Press of Pakistan
Reported by
2 independent outlets. Headlines as published. Links open the original report.