For the first time, Kuwait offers Pakistan a two-year oil credit arrangement.
In an effort to support Pakistan’s economic stability and energy security, Kuwait has extended its oil credit arrangement with that country for a further two years.
The statement was made during a meeting between the Kuwaiti Ambassador to Pakistan and Ali Pervaiz Malik, Pakistan’s Federal Minister for Petroleum. The help from Kuwait and other friendly countries has been crucial in helping Pakistan get through difficult economic times, said Minister Malik, who also thanked Kuwait for its ongoing support.
The Kuwaiti envoy emphasized that Pakistan has made significant economic strides under Prime Minister Shehbaz Sharif’s direction. He also confirmed that Kuwait Petroleum Corporation has extended the oil credit facility provided to Pakistan State Oil (PSO) by two years.
The facility allows Pakistan to import oil on deferred payment terms, easing the immediate financial burden on the country’s economy. Such facilities were previously extended once a year; the two-year extension represents a major improvement in bilateral energy cooperation.
Pakistan imports approximately 2 million tons of oil annually from Kuwait, making it a key partner in meeting the country’s energy needs. It is anticipated that the extended credit facility will give Pakistan more financial planning and energy import management flexibility.
Both nations reaffirmed their commitment to strengthening bilateral cooperation in the energy sector, recognizing its importance for economic development and regional stability.
