PD to seek ECC nod on Foreign Supplier Import Policy
ISLAMABAD: The Petroleum Division (PD) is set to seek approval of long-awaited Policy Guidelines on “Import on Foreign Supplier’s Account through Customs Bonded Storage Facilities” from the Economic Coordination Committee (ECC) of the Cabinet, along with divergent views of Federal Board of Revenue (FBR). According to Petroleum Division, Policy guidelines on Import on Foreign Supplier’s Account…
The Petroleum Division (PD) of Pakistan is set to seek approval for new Policy Guidelines from the Economic Coordination Committee (ECC) concerning the import of goods on foreign suppliers' accounts through Customs Bonded Storage Facilities. These guidelines were previously approved by the ECC on June 26, 2023, but have yet to see any practical implementation as no foreign supplier has established a bonded storage facility under the policy.
The ongoing disruption of the Strait of Hormuz has emphasized the vulnerability of Pakistan's energy security, prompting the PD to concentrate on enhancing the oil and gas sector's security architecture. This includes strategies such as indigenization, Strategic Petroleum Reserves (SPR) development, and promoting Customs Bonded Storage Facilities.
A Committee was established on May 7, 2026, to review the existing Policy Guidelines and recommend specific operationalization measures. After multiple revisions and feedback from various stakeholders, including the Federal Board of Revenue (FBR), the revised draft Policy Guidelines were circulated for comments. The PD believes that for the development of bonded storage facilities in the country, considering the current geopolitical situation, the approved Policy Guidelines are crucial. The guidelines are being submitted to the ECC for nodal approval.
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