SIFC asked to stop oil 'smuggling' from Iran

ISLAMABAD: The Oil Companies Advisory Committee asked the Special Investment Facilitation Council (SIFC) to stop oil ‘smuggling’ from Iran, maintaining that this illicit activity has put the $6 billion investment in refinery projects in danger, ARY News reported.

In a letter written to the SIFC, the Oil Companies Advisory Committee sounded the alarm about what it called the ‘government-sponsored’ smuggling of oil products from Iran.

The committee’s letter read that if the smuggling of oil continues, the plans for expanding and upgrading refineries may no longer be feasible.

“The success of these crucial upgrading projects heavily relies on the capacity utilisation of the refineries,” the Oil Companies Advisory Committee maintained.

It added that despite raising the issue in various forums, no substantial efforts have been made to combat the smuggling. The committee warned that if the issue is not addressed promptly, it could have disastrous consequences for the country’s energy security and economic stability.

The letter also emphasized that continued oil smuggling could seriously question the viability of the refinery projects, potentially leading to delays or even abandonment.

“The committee awaits a prompt reply from the concerned authorities and assures them of its full cooperation in resolving this pressing matter,” the letter read.