Kuwait expands the oil credit unit for two years

Islamabad:

Kuwait has expanded the deferred oil payment installation for two years to facilitate pressure on Pakistan’s foreign exchange reserves.

Pakistan State Oil (PSO)-A State Petroleum Marketing Giant-Has three oil loads each month from Kuwait to 90-day deferred payments. The total volume of oil supply is 1.8 million tonnes per year. Now, this credit facility has been expanded for two years. Federal oil minister Ali Pervaiz Malik met with Kuwait’s Ambassador Nassar Abdulhran J almutairi at the Ministry of Petroleum. Malik expressed gratitude for the support provided by the brotherly countries, including Kuwait, which was decisive for the structural reforms undertaken by the Pakistan government.

Kuwait’s ambassador praised Pakistan’s significant financial progress under the leadership of Prime Minister Shehbaz Sharif, especially in stabilizing the economy and improving the investment climate. He expressed confidence in Pakistan’s growth trajectory and confirmed Kuwait’s commitment to deepen the economic and energy partnerships between the two nations.

Ali Pervaiz Malik, recognizing the support expanded by Kuwait, said the oil credit unit had been expanded for two years by Kuwait Petroleum.

“Relations between PSO and Kuwait Petroleum are going very well,” he said, adding that the Kuwait’s oil exploration company (KUFPEC) has already worked in the field of exploration and its interest in offshore blocks was welcome.

Their discussion focused on enhancing bilateral energy cooperation and exploring investment in the Pakistani oil sector. Ali Pervaiz Malik emphasized Pakistan’s devotion to promoting stronger bonds with vaginal nations, especially energy and trade. The meeting ended with the determination that both sides would be based on the existing relationship between Pakistan and Kuwait.