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ISLAMABAD: In view of recent supply disruptions following the closure of the Strait of Hormuz, the government on Monday formally approved allowing foreign fuel suppliers to establish bonded storage facilities in Pakistan at their own expense for multiple purposes, including re-export and supplies to the domestic market.
Subject to formal ratification by the federal cabinet, the new policy guidelines on “Import on Foreign Supplier’s Account through Customs Bonded Storage Facilities” will come into force immediately. The guidelines have been pending since June 2023.
The guidelines were approved at a meeting of the federal cabinet’s Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb.
The ECC “approved a summary with [the] proposal of the Petroleum Division to allow [the] import of petroleum products on foreign suppliers’ account through Customs bonded storage facilities,” a statement issued after the meeting said.
