ECC approves bonded storage policy for crude, petroleum products

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet has approved bonded bulk storage policy 2023 for petroleum products, Federal Minister for Finance and Revenue, Senator Ishaq Dar announced on Wednesday.

Taking to Twitter, Dar said that further details regarding bonded bulk storage policy would be shared by petroleum minister through presser.

“ECC approved Bonded Bulk Storage Policy 2023 for petroleum products. Another Govt’s commitment fulfilled with people of Pakistan that was made through Budget FY24 speech of 9June23 in National Assembly of Pakistan. State Minister for Petroleum will share detail through presser,” the minister tweeted.

ECC approved “Bonded Bulk Storage Policy 2023” for petroleum products.
Another Govt’s commitment fulfilled with people of Pakistan that was made through Budget FY24 speech of 9June23 in National Assembly of Pakistan.
State Minister for Petroleum will share detail through presser.

— Ishaq Dar (@MIshaqDar50) June 28, 2023

What is bonded storage policy?

Finance Minister Ishaq Dar in his budget speech said that under the policy, foreign suppliers will be allowed to procure crude and POL products from the international market and store them in bonded bulk storages in Pakistan ports.

According to sources within Petroleum Division, if Pakistan needs to procure crude or finished oil products from foreign suppliers, the country’s customs department will de-bond the stored products. This is how the oil products will be formally imported to Pakistan.