Pakistan and Saudi Arabia on Friday agreed to further strengthen cooperation in oil storage, refinery upgradation, liquefied petroleum gas (LPG) supplies and minerals.

The understanding was reached during a meeting between Petroleum Minister Ali Pervaiz Malik and Saudi Ambassador to Pakistan Dr Rajeh Tami Albugamy in Islamabad.

According to a statement shared by the petroleum ministry on X, Malik highlighted investment opportunities in Pakistan’s bonded oil storage policy and proposed Hub petroleum complex in Balochistan, offering Saudi Arabia greater flexibility in energy supply routes and access to Asian markets.

He said the proposed complex would have facilities to accommodate very large crude oil carriers, Radio Pakistan reported.

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“Pakistan has approved a tax-neutral bonded storage policy, offering Saudi companies an opportunity to establish commercial oil storage facilities in the country,” the minister stated during the meeting.

Discussing the country’s refinery upgradation programme, the minister asserted that there were significant opportunities for Saudi investment and partnership.

According to a statement issued by the ministry, both sides reaffirmed their commitment to strengthening energy security, investment and bilateral ties.

During the meeting, the Saudi envoy announced the introduction of same-day visa processing for Pakistani citizens. He said the measure would help promote business, cultural and people-to-people contacts between the two countries.

Ambassador Albugamy further said that the defence and energy cooperation between Pakistan and Saudi Arabia targeted the promotion of peace, stability and economic development in the region.

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A day earlier, the Saudi envoy conducted a meeting with Finance Minister Muhammad Aurangzeb, wherein the two sides emphasised the need to translate shared priorities into tangible outcomes.

The two government officials discussed expanding economic cooperation in agriculture, minerals and mining, and other sectors with investment potential, according to a statement issued by the Ministry of Finance on Thursday.

It is worth noting that Prime Minister Shehbaz Sharif, in a meeting with the Saudi envoy on October 17, appreciated the remarkable progress in Pakistan-Saudi Arabia relations over the years and reaffirmed Pakistan's commitment to further strengthening existing institutional mechanisms to deepen and broaden bilateral cooperation across various sectors.

The prime minister said, “Pakistan stands shoulder-to-shoulder with the Kingdom of Saudi Arabia in safeguarding its sovereignty, security and territorial integrity.”