Pakistan, Gunvor Group reaffirm commitment to petroleum sector investment

Pakistan and Gunvor Group, a Switzerland-based global energy trading company, expressed their commitment to continued engagement and cooperation, particularly in areas relating to refinery modernisation, petroleum-sector reforms, market development and investment, with a view to further strengthening Pakistan’s energy security and economic growth.

A delegation of the company called on Federal Minister for Economic Affairs Ahad Cheema on Monday and discussed opportunities for cooperation in Pakistan’s energy and petroleum sectors, as per a statement.

The delegation comprised Shahb Richyal, Global Head of Portfolio; Seth Thomas Pietras, Corporate Affairs Director; and Kashif Mayo, Head of Corporate Affairs.

During the meeting, Cheema highlighted Pakistan’s efforts to upgrade and modernise the country’s oil refineries, saying that the government was actively pursuing measures to strengthen the petroleum sector and improve its efficiency and competitiveness.

The Gunvor Group delegation expressed its willingness to support the government in the refinery upgradation process and explore avenues for greater cooperation in this regard.

The minister also discussed the government’s proposed initiative to deregulate oil prices, describing it as an important step towards reforming the petroleum market.

“The Cabinet may soon approve the proposed deregulation policy, paving the way for a more competitive and efficient petroleum market,” he said.

The Group welcomed the proposed deregulation initiative, noting that it would promote healthy competition among Oil Marketing Companies (OMCs) and contribute to greater efficiency in the sector.

The delegation was further apprised of the government’s ongoing reform process in Pakistan State Oil (PSO), emphasising the importance of strengthening the country’s leading state-owned oil marketing company through institutional and operational reforms.

The Gunvor Group officials appreciated the efforts of the Government of Pakistan in ensuring an uninterrupted fuel supply during the recent Gulf crisis.

“They noted that adequate fuel remained available in the country despite the challenging international situation, reflecting the government’s effective management of the supply chain,” as per the press release.

Cheema said that maintaining fuel supplies and keeping prices stable during the crisis had been a challenging task, but the government, in coordination with the Oil and Gas Regulatory Authority (OGRA) and other relevant stakeholders, took timely measures to ensure continuity of fuel supplies and protect consumers from disruptions.

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The Gunvor officials also informed the minister that Parco Gunvor Limited (PGL) was expanding its business and network in Pakistan.

Welcoming the expansion plans, Cheema assured the delegation that the government was committed to facilitating legitimate business and investment activities and creating a conducive environment for investors and international companies.

He also highlighted the important role being played by OGRA in regulating and overseeing the petroleum sector, while emphasising the government’s broader agenda of reforms aimed at improving transparency, efficiency, competition and investment in the energy market.