Global heavyweight Chevron Energy Joint is interested in storing and selling petroleum products in and outside Pakistan.

The company has shown genuine interest in the potential of entering the Pakistani market since the government allows international suppliers to import, store, and re-export crude oil and petroleum products, reported a national daily.

Chevron has initially eyed warehouses under the legal purview of Karachi Port Trust (KPT).

Besides Chevron, other firms in the same business category have so far steered clear of establishing fuel trade through bonded warehouses in Pakistan since September 1, 2023, when the government issued a policy for such import through customs-bonded storage facilities in the country in order to improve supply access of petroleum products to local oil marketing companies.

It bears mentioning that the policy in question allows foreign suppliers to store crude oil and petroleum products in Pakistan’s ports and anywhere in the country. Foreign suppliers or their registered subsidiaries will be permitted to keep an inventory of crude and petroleum products in bulk in their own private bonded warehouses located anywhere in Pakistan.

Foreign suppliers would have the option of setting up a registered firm to have access to the local banking system.

Source: Pro Pakistani