Gulf-Pakistan Oil Project Faces Disruptions
Pakistan plans to launch a joint project with Saudi Arabia, Kuwait, and Qatar to store crude oil on their territories with the aim of strengthening energy security and reducing the risks of oil supply disruptions. The agreement involves these countries storing their oil at their own expense, with Pakistan having the right to purchase the stock as needed, to meet its needs during crises. The project requires investments ranging from $600 million to $900 million to store enough quantities for a month, aiming to reduce Pakistan’s dependence on imports, which cover approximately 90% of its energy consumption, amid increasing risks associated with the security of global transportation routes such as the oil passage through the Strait of Hormuz. Additionally, cooperation plans in the oil sector are accelerating, with Turkish offshore drilling operations beginning in its territorial waters as part of the country’s efforts to improve energy supply security and attract more foreign investments.
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