ISLAMABAD: A delegation of Gunvor Group, a Switzerland-based global energy trading company, called on Federal Minister for Economic Affairs Ahad Cheema and discussed opportunities for cooperation in Pakistan’s energy and petroleum sectors.
The delegation comprised Shahb Richyal, Global Head of Portfolio; Seth Thomas Pietras, Corporate Affairs Director; and Kashif Mayo, Head of Corporate Affairs.
During the meeting, Federal Minister Ahad Cheema highlighted the Government of Pakistan’s efforts to upgrade and modernize the country’s oil refineries, saying that the government was actively pursuing measures to strengthen the petroleum sector and improve its efficiency and competitiveness.
The Gunvor Group delegation expressed its willingness to support the government in the refinery upgradation process and explore avenues for greater cooperation in this regard.
The Federal Minister also discussed the government’s proposed initiative to deregulate oil prices, describing it as an important step towards reforming the petroleum market. He said the Cabinet may soon approve the proposed deregulation policy, paving the way for a more competitive and efficient petroleum market.
The Gunvor Group officials welcomed the proposed deregulation initiative, noting that it would promote healthy competition among Oil Marketing Companies (OMCs) and contribute to greater efficiency in the sector.
Ahad Cheema further apprised the delegation of the government’s ongoing reform process in Pakistan State Oil (PSO), emphasizing the importance of strengthening the country’s leading state-owned oil marketing company through institutional and operational reforms.
The Gunvor Group officials appreciated the efforts of the Government of Pakistan in ensuring an uninterrupted fuel supply during the recent Gulf crisis. They noted that adequate fuel remained available in the country despite the challenging international situation, reflecting the government’s effective management of the supply chain.
The Federal Minister said that maintaining fuel supplies and keeping prices stable during the crisis had been a challenging task, but the government, in coordination with the Oil and Gas Regulatory Authority (OGRA) and other relevant stakeholders, took timely measures to ensure continuity of fuel supplies and protect consumers from disruptions.
The Gunvor officials also informed the Federal Minister that Parco Gunvor Limited (PGL) was expanding its business and network in Pakistan. Ahad Cheema welcomed the expansion plans and assured the delegation that the Government of Pakistan was committed to facilitating legitimate business and investment activities and creating a conducive environment for investors and international companies.
The Federal Minister also highlighted the important role being played by OGRA in regulating and overseeing the petroleum sector, while emphasizing the government’s broader agenda of reforms aimed at improving transparency, efficiency, competition and investment in the energy market.
Both sides expressed their commitment to continued engagement and cooperation, particularly in areas relating to refinery modernization, petroleum-sector reforms, market development and investment, with a view to further strengthening Pakistan’s energy security and economic growth.
