“Pakistan’s oil security requires both emergency reserves and stronger local supply capacity,” the ministry said in the document.
It shared the proposed framework with Saudi Aramco, Abu Dhabi National Oil Corp, Kuwait Petroleum Corp, QatarEnergy and PetroChina as well as oil trading firms Vitol and Trafigura and storage operator Vopak.
Trafigura, Vitol and Aramco declined to comment. The other companies and Pakistan’s petroleum ministry did not respond to requests for comment.
Petroleum Minister Ali Pervaiz Malik said last week that building reserves was, “easier said than done”, especially for a country in an IMF programme with severe fiscal challenges, but added the government was trying to move quickly from planning to implementation.