Pakistan, Kuwait commit to deepen petroleum cooperation

Pakistan and Kuwait have reaffirmed their commitment to deepening cooperation in the petroleum sector.

The development came as Petroleum Minister Ali Pervaiz Malik met Kuwait’s Ambassador Nassar Abdulrahman Jasser Almutairi on Thursday to discuss ongoing collaboration and new avenues of partnership.

During the meeting, Malik welcomed the Kuwaiti envoy. Malik commended his role in strengthening Pakistan-Kuwait ties, referring to him as “a true friend of Pakistan,” read a statement.

He highlighted that the relationship between the two countries was rooted in mutual respect, trust, and decades of cooperation, especially in energy and petroleum.

Pakistan and Kuwait share strong energy ties through oil credit facilities, investment in Pakistan’s petroleum exploration, and a history of Kuwait supplying white oil products to Pakistan.

Ali Pervaiz reaffirmed Pakistan’s commitment to further deepening bilateral cooperation, noting that the petroleum partnership between the two nations had flourished over many decades. He emphasised the importance of expanding this collaboration in line with evolving global energy dynamics.

Ambassador Almutairi noted that Pakistan was moving towards stability and progress, which Kuwait views positively.

“He said that while Pakistan’s development is evident, the enemies are envious of this progress and are attempting to derail this stability,” read the statement.

He stressed that Kuwait stands firmly with Pakistan and wishes to see it prosper and advance on all fronts.

Both sides agreed to continue close coordination, explore new opportunities in the energy sector, and further strengthen the historic ties between Pakistan and Kuwait.

Earlier in April, Kuwait extended its oil credit facility to Pakistan for another two years.

Islamabad says the economy has stabilised under a $7 billion International Monetary Fund bailout that helped stave off a default threat.

But with energy imports representing a major drain on foreign exchange, the government relies on credit facilities and rollovers to maintain reserve levels.