Crude oil, refined products: Kuwait willing to continue supply on deferred payment

Kuwaiti government has expressed its willingness that it will continue supplying crude oil and refined petroleum products on deferred payment to Pakistan on long-term basis. In a high level meeting held here on Monday between the delegates of Pakistan and Kuwait, the Kuwaiti side was headed by Sheikh Sabah Khalid Al-Hamad Al-Sabah, Deputy Prime Minister who is on a three-day visit to Pakistan.
Pakistani side was headed by Finance Minister Ishaq Dar, who requested the visiting delegation to extend crude oil supply to Pakistan on long term basis. On the request of Pakistan, the Kuwaiti Deputy Prime Minister asked Pakistani authorities to prepare a draft proposal and provide it to Kuwait which will be considered, a high-ranking official privy to the meeting told Business Recorder.
The official said that the visiting delegation also complained to the Pakistani high-ups that Kuwaiti investors were facing serious bureaucratic hurdles while investing in Pakistan and requested the Finance Ministry to remove the hurdles, so that different Kuwaiti companies wanted to invest in Pakistan can start their ventures. The finance minister assured them that government of Pakistan would make all possible efforts to facilitate the Kuwaiti investors. Kuwaiti team informed the finance minister that state-owned Kuwaiti Exploration and Production firm, Kuwait Foreign Petroleum Exploration Company (KUFPC) wanted to work in oil and gas sector of Pakistan.
The visiting delegation also highlighted the issue of prices being offered by the government of Pakistan to exploration and production companies in the latest petroleum policy and said that a number of Kuwaiti exploration and production companies are interested to invest in Pakistan. The KUFPEC on October 12, 2012 signed an agreement with the Ministry of Petroleum to develop and explore the JATI Block. Last year the Exploration License and Petroleum Concession Agreement for Jati Block were signed by the head of the KUFPEC delegation Deputy Managing Director for Operations West, A. Naser Al-Fulaij on behalf of the company.