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Finance Minister Ali Pervaiz Malik.
ISLAMABAD:
The government has assured the nation that Pakistan has abundant reserves of crude oil and petroleum products and there is no need to 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 position in the wake of the US-Iran war, which will affect regional shipping routes, particularly around the Strait of Hormuz.
The session was attended by senior officials of the Petroleum Division, the Governor of the State Bank of Pakistan and member oil of the Oil and Gas Regulatory Authority (OGRA).
The top management of major refineries including Pak-Arab Refinery Company, Cnergyico, Pakistan Refinery Limited (PRL), National Refinery Limited (NRL) and Pakistan State Oil also attended the meeting along with representatives from the Oil Companies Advisory Council.
According to officials present at the meeting, the state bank governor assured that there would be no delay in oil-related payments, enabling refineries and oil marketing companies to continue smooth imports.
PRL and Pak-Arab Refinery Company (PARCO) informed the meeting that they are facing certain logistical challenges in procuring crude oil due to the evolving Hormuz situation, both companies confirmed that they currently have sufficient crude stocks and expect only minor delays if any.
Cnergyico told the meeting that it already has one million barrels of US crude in its port, and another two million barrels are expected to arrive in March through routes that do not pass through the Strait of Hormuz. NRL said it sources crude oil from Fujairah and does not foresee any supply disruption.
Officials further stated that stocks of finished petroleum products in the country are sufficient for more than a month. Major oil marketing companies confirmed that supply chains remain intact and there is no shortage situation.
