Pakistan has approved a plan allowing petroleum products to be imported on foreign suppliers’ accounts through customs-bonded storage facilities, in a move aimed at strengthening the country’s fuel security.
The Economic Coordination Committee (ECC) approved the proposal of the Petroleum Division on Monday.
Under the arrangement, foreign suppliers will be able to store petroleum products in approved bonded facilities in Pakistan while the products remain under the customs-bonded regime.
The initiative is part of the government’s plan to strengthen Pakistan’s energy security, develop strategic petroleum reserves and build a more resilient petroleum supply chain.
The proposal covers products including crude oil, petrol, high-speed diesel, jet fuel, furnace oil, LPG and LNG.
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