Pakistan has approved a tax-neutral bonded policy, allowing Saudi companies to establish commercial oil reserves without local tax liabilities, aiming to attract foreign investment and strengthen its position as a regional energy hub.
The policy was discussed during a meeting between Petroleum Minister Ali Pervaiz Malik and Saudi Ambassador Dr Rajeh bin Tami Al-Baqami, focusing on cooperation in oil storage, refinery upgrades, LPG supplies and energy-sector investment.
The minister also highlighted plans for a major petroleum storage and refining complex at Hub, Balochistan, designed to accommodate very large crude carriers and serve regional markets, including Central Asia and China.
Both sides discussed increasing crude oil purchases from Saudi Arabia and arranging dedicated LPG shipments to meet Pakistan’s energy needs. Malik also invited Saudi Vice Minister of Mining Khalid Al-Mudaifer to attend the Pakistan Minerals Investment Forum in Islamabad on November 12–13.
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