Kuwait Petroleum Corporation disputes that it is departing Pakistan.

Kuwait Foreign Petroleum Exploration Company stated Tuesday in a statement to Kuwait News Agency (KUNA) that it will remain a strategic partner to Pakistan in the oil and gas industry.

According to KUFPEC, its companies Kirthar Pakistan BV, KUFPEC Pakistan Holdings BV, and KUFPEC Pakistan BV have properly sold their “non-operated assets” in Pakistan.

“Petroleum Exploration (Pvt) Limited, a prominent private-sector exploration and production company in Pakistan with a significant local and international presence, was the beneficiary of the divestment,” the statement read.

In spite of this divestment, KUFPEC reaffirmed its position as the operator of the Makhad Block in Pakistan and underlined that it remains a vital partner to the Pakistani government in the exploration and production of oil and gas.

In addition, KUFPEC stated that it is attempting to broaden and diversify its activities in Pakistan. It is also getting ready for the next offshore bidding round in cooperation with the Directorate General Petroleum Concessions and significant exploration and production firms.

It also stated, “KUFPEC’s dedication to enhancing its footprint and expanding its business in Pakistan’s energy sector is demonstrated by this strategic involvement.”

The company’s objective to optimize its portfolio by consolidating assets and concentrating on high-potential possibilities through strategic acquisitions, especially in exploration and development, is consistent with this disposal, according to Tareq Ebrahim, Executive Vice President for Operations at KUFPEC.

In an interview with the media in Islamabad today, Federal Minister for Petroleum Dr. Musadik Malik denied rumors that Kuwait Foreign Petroleum Exploration Company (KUFPEC) is leaving Pakistan, claiming that the company has only sold out 17 percent of its non-operated assets in the nation.

Earlier, several Pakistani media sites stated that because of the enormous circular debt in the gas industry, Kuwait Foreign Petroleum Exploration Company (KUFPEC) was selling its main assets to Pakistan Exploration (Private) Limited (PEL) for roughly $60 million, thereby exiting the country’s oil and gas industry.

The exploration, development, and production of natural gas and crude oil outside of Kuwait is the responsibility of KUFPEC, a subsidiary of Kuwait Petroleum Corporation.