Pakistan Aims to Bolster Energy Security with Saudi-Kuwait-Qatar Oil Storage Deal

Pakistan's Petroleum Minister Ali Pervaiz Malik announced plans to launch a scheme with Saudi Arabia, Kuwait, and Qatar for oil storage to strengthen energy security.

The scheme, which will be a bonded arrangement where these countries store their oil on Pakistani territory at their own cost, aims to address the country's vulnerability to oil supply shocks due to the US-Iran war that has choked supplies through the Strait of Hormuz.

Pakistan imports around 90% of its energy requirements and has been left exposed to oil supply disruptions. The minister stated that under this scheme, Pakistan will have the right to buy resources from these countries in case of a conflict.