Swiss energy trading giant Gunvor Group is exploring greater cooperation in Pakistan’s energy and petroleum sectors, including refinery upgrades, as the government moves ahead with plans to deregulate oil prices.
A delegation from Gunvor Group met Federal Minister for Economic Affairs Ahad Cheema in Islamabad on August 10 and discussed opportunities for cooperation and investment in the country’s petroleum sector. The delegation included Shahb Richyal, global head of portfolio, Seth Thomas Pietras, corporate affairs director, and Kashif Mayo, head of corporate affairs.
Cheema told the delegation that the government is pursuing the modernization and upgrading of Pakistan’s oil refineries as part of broader efforts to improve efficiency and competitiveness in the petroleum sector. Gunvor officials expressed interest in supporting the refinery upgrade program and exploring further areas of cooperation.
The minister also briefed the delegation on the government’s proposed oil price deregulation policy, which he said could receive Cabinet approval soon. Gunvor officials welcomed the proposal, saying deregulation could encourage greater competition among oil marketing companies and improve efficiency across the petroleum market.
Cheema also discussed ongoing reforms at Pakistan State Oil, emphasizing the need to strengthen the state owned oil marketing company through institutional and operational changes. He highlighted the role of the Oil and Gas Regulatory Authority in regulating the petroleum sector and said the government’s wider reform agenda was focused on improving transparency, competition, efficiency and investment.
Gunvor officials also praised the government’s handling of fuel supplies during the recent Gulf crisis, saying Pakistan maintained adequate fuel availability despite difficult international conditions. Cheema said ensuring uninterrupted supplies and stable prices during the crisis had been challenging, but the government worked with OGRA and other stakeholders to prevent disruptions.
The Gunvor delegation informed the minister that Parco Gunvor Limited is expanding its business and network in Pakistan. Cheema welcomed the expansion and said the government would facilitate legitimate business and investment activities while working to create a favorable environment for international companies.
Both sides agreed to maintain engagement on refinery modernization, petroleum sector reforms, market development and investment. The government said such cooperation could contribute to strengthening Pakistan’s energy security and supporting economic growth.
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