Federal Minister for Maritime Affairs Junaid Anwar has said the government’s flagship Energy City project is making significant progress, with several oil-producing countries expressing interest in storing oil in Pakistan following recent regional tensions.
Addressing the Lahore Chamber of Commerce and Industry (LCCI), the minister said the project would allow private companies to lease government land to establish modern oil storage facilities, enabling oil to be stored and re-exported on a duty-free basis. He said the initiative would attract foreign investment while creating strategic reserves that could be utilized to meet domestic energy needs during emergencies.
Highlighting the ministry’s performance, Junaid Anwar said over 100 reform measures had been implemented, resulting in improved global rankings for Karachi Port Trust (KPT) and Port Qasim. KPT climbed from 99th to 69th position, while Port Qasim improved to 56th place. He added that KPT posted a record profit of Rs18.8 billion, the highest in its 138-year history.
The minister said three new vessels had been inducted into the Pakistan National Shipping Corporation (PNSC) fleet, increasing its carrying capacity by 40 percent. He also announced that a $3-4 billion land-based LNG terminal, a $1.4 billion Sea 2 Steel shipbuilding project at Port Qasim, new cargo and container terminals, an integrated oil storage facility, and the revival of Manora Shipyard were among the major initiatives underway.
LCCI President Faheem Ur Rehman Saigol urged faster port digitalization and expansion of the national shipping fleet, noting that Pakistan spends nearly $5 billion annually on maritime freight paid to foreign operators. He said improving port efficiency and strengthening the country’s shipping sector would significantly enhance competitiveness and help retain valuable foreign exchange.
