Kuwait extends oil credit facility for Pakistan

ISLAMABAD: Kuwait has extended oil credit facility for Pakistan for another two years.

This was conveyed by Kuwait’s Ambassador to Pakistan during a meeting with Minister for Petroleum Ali Pervaiz Malik in Islamabad.

The Minister for Petroleum thanked Kuwait for this special concession. This facility has been provided by Kuwait Petroleum to Pakistan State Oil (PSO) to import oil on deferred payment terms.

On the occasion, the two sides agreed to strengthen bilateral cooperation in the energy sector.

Ali Pervaiz Malik said Prime Minister Shehbaz Sharif has immense love and respect for the people and leadership of Kuwait.

He said that Prime Minister Shehbaz Sharif has achieved success in difficult economic reforms with the help of Kuwait and other brotherly countries.

The Kuwaiti ambassador highlighted that under Prime Minister Shehbaz Sharif’s leadership, Pakistan has achieved notable economic progress.

Earlier, Kuwait Foreign Petroleum Exploration Company (KUFPEC) denied reports of exiting Pakistan’s oil and gas sector, vowing to expand its operations in the country.

In a statement to Kuwait News Agency (KUNA), Kuwait Foreign Petroleum Exploration Company said on Tuesday that it will continue to be a strategic partner to the Pakistan in oil and gas sector.

KUFPEC said that its subsidiaries, KUFPEC Pakistan Holdings BV, KUFPEC Pakistan BV, and Kirthar Pakistan BV, have successfully divested their “non-operated assets” in Pakistan.

“The divestment was made in favour of Petroleum Exploration (Pvt) Limited, a leading private-sector exploration and production company in Pakistan with a significant local and international presence”, the statement said.

KUFPEC emphasized that despite this divestment, it continues to be a strategic partner to the Pakistani government in oil and gas exploration and production, reaffirming its ongoing role as the operator of the Makhad Block in Pakistan.