Pakistan, Gunvor Group reaffirm commitment to petroleum sector investment
Pakistan and Gunvor Group, a Switzerland-based global energy trading company, expressed their commitment to continued engagement and cooperation, particularly in areas relating to refinery modernisation, petroleum-sector reforms, market development and investment, with a view to further strengthening Pakistan’s energy security and economic growth. A delegation of the company called on Federal…
Pakistan and the Gunvor Group, a Swiss energy trading firm, reaffirmed their commitment to bolstering the petroleum sector in Pakistan. The two parties discussed potential collaborations in refinery modernization, petroleum sector reforms, market development, and investment. This came after a delegation from Gunvor Group met with Federal Minister for Economic Affairs Ahad Cheema.
Cheema highlighted Pakistan's efforts to modernize its oil refineries and strengthen the petroleum sector. Gunvor's delegation expressed willingness to aid the government in refinery upgrades and explore greater cooperation. The government's proposed initiative to deregulate oil prices was also discussed, with the Gunvor Group welcoming it as a step towards a more competitive market.
The delegation was informed about the government's ongoing reform process in PSO, Pakistan State Oil, and the importance of strengthening the state-owned oil marketing company. Gunvor officials praised the government's efforts in maintaining fuel supplies during the recent Gulf crisis, noting that adequate fuel remained available despite international challenges.
Cheema assured the delegation of the government's commitment to facilitating business and investment activities and creating a conducive environment for investors in the energy sector.
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