Chevron Energy Joint Eyes Lucrative Opportunity: Explores Petroleum Storage and Sales in Pakistan

Global energy giant Chevron Energy Joint is exploring opportunities to store and sell petroleum products in Pakistan. The company is keen on entering the Pakistani market due to the government’s policy that allows international suppliers to import, store, and re-export crude oil and petroleum products. Chevron’s initial focus is on warehouses under the jurisdiction of the Karachi Port Trust (KPT). This move marks a significant development as other firms in the same business category have been cautious about establishing fuel trade through bonded warehouses in Pakistan since September 1, 2023.

The government issued this policy to enhance the supply access of petroleum products to local oil marketing companies. It permits foreign suppliers to store crude oil and petroleum products in Pakistan’s ports and across the country. Foreign suppliers or their registered subsidiaries are allowed to maintain an inventory of crude and petroleum products in bulk within their private bonded warehouses in Pakistan.

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Additionally, foreign suppliers have the option of establishing a registered firm to access the local banking system. Chevron’s interest in this policy change signifies a potential shift in the dynamics of Pakistan’s petroleum market and opens the doors for other international energy companies to explore similar opportunities. This move could lead to increased competition, improved supply access, and greater choices for consumers in the Pakistani energy market.

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