ISLAMABAD: Kuwait has extended its oil credit facility to Pakistan for a further two years to strengthen Pakistan’s energy security and support economic stability.
According to an official statement on Wednesday, this was conveyed by the Ambassador of Kuwait to Pakistan, Nassar Abdulrahman J Almutairi, during a meeting with Minister for Petroleum Ali Pervaiz Malik in Islamabad.
The Minister thanked the Ambassador for continued support to Pakistan and emphasised the country’s dedication to fostering stronger ties with Gulf nations, particularly in energy and trade.
He mentioned Pakistan is very thankful for the credit facility extended for two years by Kuwait Petroleum.
He said that Prime Minister Shehbaz Sharif has immense love and respect for the people of Kuwait, the Amir of Kuwait, and the Crown Prince.
The meeting concluded on a positive note, with both sides agreeing to build on the unwavering.
The Kuwaiti Ambassador commended Pakistan’s significant economic progress under the leadership of Prime Minister Shehbaz Sharif, particularly in stabilising the economy and improving the investment climate.
He expressed confidence in Pakistan’s growth trajectory and reaffirmed Kuwait’s commitment to deepening economic and energy partnerships between the two nations.
The relationship between PSO (Pakistan State Oil) and Kuwait Petroleum is progressing very well.
He added that the Kuwait Foreign Petroleum Exploration Company (KUFPEC) is already in the exploration sector, and their interest in offshore exploration is welcomed.
The discussions focused on strengthening bilateral energy cooperation and exploring avenues for investment in Pakistan’s petroleum sector.
Pakistan imports approximately two million tons of oil annually from Kuwait, making it a key partner in meeting the country’s energy needs.
The extended credit facility is expected to provide Pakistan with greater flexibility in managing its energy imports and financial planning.
