Pakistan Looks to Host Crude Reserve Sites of Gulf Oil Producers

AI Summary

Pakistan is courting Persian Gulf oil producers to establish crude reserve sites at a proposed Energy City next to its ports. This initiative aims to create a buffer of oil reserves for emergencies, reflecting Pakistan's strategic positioning amidst ongoing regional tensions.

Pakistan is encouraging oil producers from the Persian Gulf to set up crude reserve buffers at a planned Energy City near one of its ports, The Express Tribune reported on Friday. "In case of emergencies like the breakout of war, Pakistan will have the first right to utilise the oil reserves," a Pakistani official told the publication. Pakistan, which doesn't have crude reserves at present to act as a buffer in case of emergencies, has been reeling from the Middle East crisis and negotiating with Iran to secure the passage of cargoes through the…