{
  "id": 17312751,
  "title": "KSA offered to set up oil reserves",
  "url": "https://urgent.news/2026/10/31/ksa-offered-to-set-up-oil-reserves",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-31T00:33:01.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40446780/ksa-offered-to-set-up-oil-reserves"
  },
  "original_language": "en",
  "account": "Federal Minister for Petroleum Ali Pervaiz Malik disclosed on Friday that Saudi companies could set up commercial oil reserves in Pakistan without local tax obligations. The proposal aims to reduce maritime transit risks linked to the Strait of Hormuz and Bab el-Mandeb while granting Riyadh access to Asian markets. During a meeting with the new Saudi Ambassador to Pakistan, Dr. Rajeh bin Tami Al-Baqami, Malik discussed strengthening bilateral cooperation in mining, petroleum, and energy sectors, including strategic oil storage, refinery upgrades, LPG supplies, and facilitating commercial engagement. He informed the Ambassador that Pakistan had approved a tax-neutral bonded policy, similar to international energy hubs like Fujairah and Singapore. The Minister emphasized that strategic oil storage facilities in Pakistan would give Saudi Arabia enhanced flexibility in managing supply routes and accessing regional markets. Malik expressed his country's commitment to expanding cooperation in strategic sectors, highlighting Pakistan's plans to develop a major petroleum storage and refining complex at Hub, Balochistan, supported by the Prime Minister and Chief of Defence Forces. The proposed facility would be capable of accommodating Very Large Crude Carriers and reinforce Pakistan's role as a regional energy corridor for Central Asian and Chinese markets. The Minister also highlighted Pakistan's refinery upgradation programme, aiming to modernize domestic refining infrastructure, boost operational efficiency, and transition to Euro 5 fuel standards, offering Saudi Arabia investment opportunities. Both sides acknowledged the strong defence and strategic partnership between Pakistan and Saudi Arabia as a foundation for broader regional peace, stability, and economic cooperation.",
  "summary": "ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik said Saudi companies could establish commercial oil reserves in Pakistan without incurring local tax liabilities, offering an opportunity to diversify maritime transit risks associated with the Strait of Hormuz and Bab el-Mandeb. He said the move would facilitate Riyadh’s access to Asian markets. Ali Pervaiz Malik held a meeting with the…",
  "key_points": [
    "Saudi companies can set up commercial oil reserves in Pakistan with tax-neutral policy.",
    "Proposal aims to reduce maritime transit risks and grant Riyadh access to Asian markets.",
    "Pakistan to develop major petroleum storage and refining complex at Hub, Balochistan."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}