Kuwait-Pakistan Energy Ties Strengthened Through Extended Oil Credit Arrangement
In a First, Kuwait Extends Oil Credit Facility to Pakistan for Two Years
Date: April 16, 2025 – 7:15 PM
Reporter: Imtiaz Ali Abbasi, Chief Reporter Islamabad
Watts News, The Largest Digital News Network Pakistan
In a significant development, Kuwait has extended its oil credit facility to Pakistan for an unprecedented two years, marking a major step forward in bilateral energy cooperation and economic partnership.
The extension was confirmed during a high-level meeting between Pakistan's Federal Minister for Petroleum, Ali Pervaiz Malik, and the Kuwaiti Ambassador to Pakistan. Minister Malik expressed heartfelt gratitude for Kuwait’s ongoing support and termed the facility a crucial relief for Pakistan’s struggling economy.
“This extended support from Kuwait and other brotherly nations is helping us manage the country’s financial pressures and energy requirements effectively,” he stated.
The Kuwaiti ambassador appreciated Pakistan’s recent economic progress under Prime Minister Shehbaz Sharif’s leadership. He officially announced that Kuwait Petroleum Corporation has extended the oil credit facility offered to Pakistan State Oil (PSO) from one year to two years.
This credit facility allows Pakistan to import oil on deferred payment terms, significantly reducing the immediate financial burden on the national exchequer. Previously, Pakistan had to renew this arrangement annually, making the two-year extension a historic first and a symbol of growing trust between the two countries.
Pakistan currently imports nearly 2 million tons of oil annually from Kuwait, making the Gulf nation a vital energy partner. With this new agreement in place, Pakistan will have more flexibility to manage its import bills and long-term economic planning.
The two nations reiterated their commitment to enhancing cooperation in the energy sector, recognizing its importance for economic development and regional stability.
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