Kuwait has extended its oil credit facility to Pakistan for an additional two years, a move aimed at bolstering Pakistan's energy security and economic stability.
The announcement came during a meeting between Pakistan's Federal Minister for Petroleum, Ali Pervaiz Malik, and the Kuwaiti Ambassador to Pakistan. Minister Malik expressed gratitude for Kuwait's continued support, stating that the assistance from Kuwait and other brotherly nations has been instrumental in navigating Pakistan through challenging economic times.
The Kuwaiti ambassador highlighted that under Prime Minister Shehbaz Sharif's leadership, Pakistan has achieved notable economic progress. He also confirmed that Kuwait Petroleum Corporation has extended the oil credit facility provided to Pakistan State Oil (PSO) by two years.
The facility allows Pakistan to import oil on deferred payment terms, easing the immediate financial burden on the country's economy. Previously, such facilities were extended annually; the current two-year extension marks a significant enhancement in bilateral energy cooperation.
Pakistan imports approximately 2 million tons of oil annually from Kuwait, making it a key partner in meeting the country's energy needs. The extended credit facility is expected to provide Pakistan with greater flexibility in managing its energy imports and financial planning.
Both nations reaffirmed their commitment to strengthening bilateral cooperation in the energy sector, recognizing its importance for economic development and regional stability.
