pakistan moves establish
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Pakistan moves to establish strategic petroleum re…

ByJustpaste.in

ISLAMABAD: Pakistan has taken a major step towards strengthening its energy security by initiating a feasibility study for the establishment of strategic petroleum reserves, with international energy consultancy Wood Mackenzie selected to undertake the project.

Federal Minister for Petroleum Ali Pervaiz Malik chaired a meeting to formally launch the initiative, stressing that energy security is closely tied to the country’s national security.

During the meeting, officials discussed the scope of the feasibility study, its expected completion timeline and the proposed framework for developing strategic petroleum reserves in Pakistan.

Wood Mackenzie was chosen through a competitive bidding process after four firms submitted proposals for the project. The consultancy will assess key aspects of the proposed reserves and provide recommendations on their structure and development.

The initiative is expected to help Pakistan improve its preparedness against potential disruptions in global oil supplies and strengthen the country’s overall energy resilience.

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