Key Points:
- Vitol expands engagement in petroleum infrastructure
- Government backs bonded storage and fuel projects
- Focus remains on energy security and local production
ISLAMABAD: Pakistan has invited foreign direct investment in its energy and critical minerals, as Petroleum Minister Ali Pervaiz Malik met separately with representatives of US-based Morgan Hughes Energy and global energy trader Vitol to discuss new projects.
In talks with Gregory Bloom, President of Morgan Hughes Energy, and Ahmad Waleed, Chief Executive Officer of Tejara Capital, discussions centred on expanding US investment in Pakistan’s energy and critical minerals industries.
The delegation highlighted the potential of Balochistan’s mineral reserves and said the two companies are partnering to pursue minerals projects in the province.
The companies also expressed interest in Pakistan’s oil and gas sector, particularly in optimising existing fields to boost production from mature assets.
Malik welcomed the interest and reiterated the government’s commitment to increasing indigenous energy production and facilitating responsible foreign investment in coordination with relevant stakeholders.
In a separate meeting, the petroleum minister met Kieran Gallagher, Chief Executive Officer of Vitol Asia, to review ongoing cooperation in Pakistan’s petroleum sector.
He congratulated Vitol on the commencement of bunkering operations at Gwadar. He welcomed the company’s proposal to convert High Sulphur Fuel Oil (HSFO) into Very Low Sulphur Fuel Oil (VLSFO), assuring government support for the initiative.
The two sides also discussed opportunities arising from Pakistan’s newly introduced bonded storage policy.
Malik said the government is engaging leading international energy companies on bonded storage infrastructure to strengthen energy logistics, expand strategic storage capacity and attract additional foreign investment.
The meetings underscored Pakistan’s efforts to deepen partnerships with international energy firms.
The government seeks to bolster energy security, develop its critical minerals industry and support long-term economic growth, according to a statement issued by the Petroleum Division.
