Govt monitoring petroleum supplies amid Gulf tensions: Aurangzeb

As escalating tensions in the Gulf region continue to rattle global energy markets and disrupt supply chains, Finance Minister Senator Muhammad Aurangzeb on Tuesday assured that the government is closely monitoring the petroleum availability and remains engaged with key stakeholders to prevent potential supply disruptions.

The assurance came during a meeting with Robert Jan Siegert, Ambassador of the Kingdom of the Netherlands to Pakistan, along with a delegation from Engro Corporation and Engro Vopak Terminal Limited (EVTL).

The delegation included Ahsan Zafar Syed, President of Engro Corporation; Ammar Shah, CEO of EVTL; and Yasir Ali, Vice President & Chief Government Relations Officer of Engro Corporation, read a statement on Wednesday.

The meeting included an exchange of views on the evolving regional situation and its potential implications for energy markets and supply chains.

The finance minister noted that the government is closely monitoring developments and remains engaged with relevant stakeholders to ensure adequate availability of petroleum products and to manage potential supply challenges.

Meanwhile, the delegation shared general industry perspectives on logistics and supply considerations amid international market volatility.

During the meeting, Aurangzeb underscored the importance Pakistan attaches to strengthening economic cooperation with the Netherlands.

He noted that long-standing partnerships with reputable international investors contribute positively to Pakistan’s economic development, facilitate trade and investment, and reinforce confidence within the global business community.

The Dutch envoy reaffirmed the Netherlands’ commitment to further expanding bilateral economic ties.

He highlighted the presence of Dutch enterprises in Pakistan and emphasised that successful partnerships between Pakistani and Dutch companies demonstrate the potential for deeper economic collaboration between the two countries.

During the meeting, the Engro team briefed the finance minister on the operations of Engro Vopak Terminal Limited, a joint venture between Royal Vopak of the Netherlands and Engro Corporation. The delegation noted that the terminal has been operating at Port Qasim since 1996 and plays an important role in Pakistan’s industrial and energy supply chains by handling key chemical imports used by downstream industries, as well as a significant share of marine LPG supporting household energy needs.

The delegation also shared perspectives regarding the future operating arrangements of the terminal and the importance of maintaining continuity in specialised infrastructure that supports industrial production and supply-chain stability.

They highlighted the long-standing collaboration between the partners and the broader contribution of such investments to Pakistan’s economic landscape.

The finance minister reaffirmed the government’s commitment to facilitating a supportive environment for credible foreign investment and assured the delegation of the government’s cooperation in addressing matters relating to ongoing economic partnerships.