Kuwait Extends Oil Credit Facility to Pakistan for Two Years

Islamabad: In a move that will bolster Pakistan’s energy security and assist its economic revitalization efforts, Kuwait has prolonged its oil credit arrangement with the nation for an additional two years.

The confirmation followed discussions between Petroleum Minister Ali Pervaiz Malik and Kuwaiti Ambassador Nassar Abdulrahman J Almutairi in Islamabad this past Wednesday.

Minister Malik voiced his appreciation for the extension, emphasizing that sustained assistance from Kuwait, alongside other allied countries, plays an integral role in Pakistan’s progress toward economic recovery.

The Kuwaiti representative affirmed that Kuwait Petroleum Corporation has agreed to prolong the oil credit arrangement—benefiting Pakistan State Oil (PSO)—for a further two years.

This facility enables Pakistan to procure oil from Kuwait utilizing deferred payment options, offering considerable relief from the country’s immediate fiscal constraints.

Previously subject to annual renewals, the extension to a two-year term marks a notable advancement in the enduring energy partnership between the two countries.

Pakistan imports approximately two million tonnes of oil from Kuwait each year, highlighting the Gulf state’s crucial role as an energy provider.