Pakistan National Shipping Corporation (PNSC) and ENAR Petroleum Refining Facility signed a Memorandum of Understanding (MoU) to explore ways to reduce operational costs for the corporation. One of the key areas of collaboration will be to provide Very Low Sulphur Fuel Oil (VLSFO) for PNSC vessels. This means that all PNSC vessels calling at Karachi Port will now lift fuel oil locally, which will significantly reduce their dependency on foreign ports for fuel.
This partnership is taking place at a critical time for Pakistan, as the country is facing a severe shortage of foreign exchange reserves. The new arrangement will help to reduce the outflow of foreign exchange from the country, which is a significant concern for the government.
In addition to reducing costs for the PNSC, this collaboration will also benefit ENAR Petroleum Refining Facility, as it will provide a reliable customer base and a stable source of revenue. The MoU represents a win-win situation for both parties, and it is expected to lead to further cooperation in the future.
Overall, this is a positive step towards improving the economic situation in Pakistan, and it demonstrates the value of partnerships between public and private entities in achieving this goal. By working together, these organizations can find innovative solutions that benefit everyone involved, and contribute to the growth and development of the country.