Kuwait Extends Oil Credit Line for Pakistan, Offering Two More Years of Assistance

Kuwait Extends Oil Credit Facility to Pakistan

• The arrangement is facilitated via the Kuwait Petroleum Corporation.
• Pakistan State Oil (PSO) gains from flexible payment options for oil.
• This extension signifies a move away from yearly renewals.

ISLAMABAD: Pakistan’s energy sector and economic revitalization efforts have received a significant boost as Kuwait has prolonged its oil credit arrangement with the nation for another two years.

The confirmation came during a meeting in Islamabad between Petroleum Minister Ali Pervaiz Malik and Kuwaiti Ambassador Nassar Abdulrahman J Almutairi.

Minister Malik welcomed the extension and conveyed appreciation for Kuwait’s ongoing assistance, noting that aid from Kuwait and other supportive countries has been crucial for Pakistan’s economic reforms.

The Kuwaiti representative affirmed that the Kuwait Petroleum Corporation has extended the oil credit facility to Pakistan State Oil (PSO) for an additional two years.

This arrangement enables Pakistan to procure oil from Kuwait with the benefit of deferred payment terms, thereby alleviating immediate financial burdens on the nation’s economy.

The shift from annual renewals to a two-year extension underscores a notable strengthening of the enduring energy alliance between the two countries.

With Pakistan importing approximately two million tons of oil from Kuwait annually, the Gulf state remains a vital energy provider to the country.