LAHORE: Federal Minister for Maritime Affairs Muhammad Junaid Anwar has said significant progress is being made on the government’s Energy City project and that several oil-producing countries have shown interest in storing oil in Pakistan following recent regional tensions.
Talking to business community during his visit to Lahore Chamber of Commerce and Industry (LCCI), he said that under the project, private companies would lease land from the government to establish modern oil storage facilities where oil could be stored and re-exported on a duty-free basis.
He said Pakistan did not have sufficient capital to establish large-scale strategic reserves on its own, but the proposed model would not only attract investment but also allow the stored reserves to be utilized to meet domestic requirements during difficult times.
LCCI President Faheem Ur Rehman Saigol welcomed the minister. Addressing the gathering, Faheem Ur Rehman Saigol said that despite having a coastline of nearly 1,000 kilometres and a strategically important geographical location, Pakistan had not yet fully benefited from the vast potential of the blue economy.
He said that by effectively utilizing opportunities in the maritime sector, Pakistan could earn billions of dollars in additional foreign exchange and further strengthen its importance in regional trade.
He emphasized the need to accelerate digitalization at ports, saying that unnecessary delays in cargo clearance increased business costs and undermined global competitiveness. He described modern IT systems, automated clearance mechanisms, efficient scanners, vessel traffic management systems and complete digital integration among institutions as essential requirements of the time.
Federal Minister Muhammad Junaid Anwar said that the Ministry of Maritime Affairs had implemented more than 100 reform measures and that both Karachi Port Trust (KPT) and Port Qasim had achieved significant improvements in global rankings.
He said KPT had moved from 99th to 69th position, while Port Qasim had improved to 56th position. He added that Karachi Port Trust had broken a record in its 138-year history during the current year, with profits reaching Rs 18.8 billion.
He said three new vessels had been added to the Pakistan National Shipping Corporation (PNSC) fleet, increasing its overall capacity by 40 percent, with further expansion planned in the future.
He added that the Ministry of Maritime Affairs had played a key role in ensuring there was no shortage of petroleum products in the country during the recent crisis.
