Islamabad:Pakistan and Saudi Arabia have reached an agreement to enhance their collaboration in the energy sector, focusing on oil storage, refinery upgrades, and energy security. This development was discussed during a meeting between Pakistan's Minister for Petroleum, Ali Pervaiz Malik, and the Saudi Ambassador to Pakistan, Dr. Rajeh Tami Albugamy.

According to Radio Pakistan, the meeting highlighted Pakistan's recent approval of a tax-neutral bonded storage policy, which offers Saudi companies the opportunity to establish commercial oil storage facilities within the country. The Minister for Petroleum emphasized that a major petroleum storage and refining complex planned for Hub, Balochistan, will significantly enhance Pakistan's ability to act as an energy corridor for the region. This complex is expected to include facilities capable of accommodating Very Large Crude Carriers.

Additionally, Minister Malik pointed out the substantial opportunities available for Saudi investment and partnership in Pakistan's refinery upgradation program. In line with this collaboration, the Saudi Ambassador announced the introduction of same-day processing of visa applications for Pakistani citizens, a move intended to foster business, cultural, and people-to-people exchanges between the two nations.

The Saudi Ambassador also mentioned that the ongoing defense and energy cooperation between Pakistan and Saudi Arabia aims to promote peace, stability, and economic development throughout the region.