ISLAMABAD, 22 JULY (DNA) — Amid reports of the Strait of Hormuz being closed and the Houthis’ declaration prohibiting Saudi oil exports via the Bab el-Mandeb Strait from Yanbu on the Red Sea, Pakistan has moved to identify alternative crude oil suppliers outside the Gulf region. The unfolding situation has intensified concerns over the country’s energy security and the reliability of its oil import supply.
At an emergency meeting with chief executive officers (CEOs) and managing directors (MDs) of the country’s oil refineries, the federal minister for petroleum and natural resources briefed industry representatives on the evolving regional security situation arising from the renewed conflict involving the United States, Iran and the Houthis. The minister directed refinery managements to immediately identify alternative sources of crude oil to ensure uninterrupted supplies to Pakistan, top officials who attended the meeting told The News.
Following the meeting, refineries began contacting international trading companies to assess the availability of crude oil from the United States, Singapore and Nigeria and Central Asian States. These markets are being explored as alternative supply sources because shipments from these locations can bypass the Strait of Hormuz. Imports from Oman’s ports are also being evaluated, although industry officials consider this option relatively risky under the circumstances. — DNA
