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Minister of State for Finance Ali Pervaiz Malik.
ISLAMABAD:
The government assured the nation that Pakistan held large stocks of crude and petroleum products and there was no reason to panic despite the emerging security situation in the Gulf region.
The assurance came on Saturday during a high-level meeting jointly chaired by Federal Minister for Petroleum Ali Pervaiz Malik and Federal Minister for Finance Muhammad Aurangzeb.
The meeting reviewed the country’s fuel supply situation following the war between the United States and Iran, which will affect regional shipping routes, particularly around the Strait of Hormuz.
The session was attended by senior officials of the Petroleum Division, the Governor of the State Bank of Pakistan and the Petroleum Member of the Oil and Gas Regulatory Authority (OGRA).
Top management of major refineries, including Pak-Arab Refinery Company, Cnergyico, Pakistan Refinery Limited (PRL), National Refinery Limited (NRL) and Pakistan State Oil, and representatives of the Oil Companies Advisory Council also attended the meeting.
According to officials present at the meeting, the State Bank governor assured that there would be no delay in oil-related payments, thereby enabling refineries and oil marketing companies to continue their import operations without any problem.
PRL and Pak-Arab Refinery Company (PARCO) informed the meeting that they were facing some logistical challenges in crude supply due to the developing situation in Hormuz. Both companies confirmed that they currently have sufficient crude inventories and expect only minor delays, if any.
Cnergyico said at the meeting that it already holds a million barrels of U.S. crude at its port, with another two million barrels expected to arrive in March via routes that do not pass through the Strait of Hormuz. The NRL said it sources its crude from Fujairah and does not anticipate any disruption to supply.
Officials further said that stocks of finished petroleum products in the country are sufficient for more than a month. Major oil marketing companies have confirmed that supply chains remain intact and there is no shortage situation.
