The Embassy of Saudi Arabia in Islamabad has introduced same-day processing of visa applications for Pakistani citizens.
Saudi Ambassador Dr Rajeh bin Tami Al-Baqami announced the decision on Friday during a meeting with Federal Minister for Petroleum Ali Pervaiz Malik.
The meeting also focused on ways to increase cooperation between Pakistan and Saudi Arabia in the mining, petroleum and energy sectors.
Malik welcomed the strong relationship between the two countries. He said Pakistan valued its long-standing ties with Saudi Arabia and wanted to expand cooperation in important sectors.
He also shared details of his recent visit to Riyadh. He said he had conveyed the Pakistani leadership’s feelings of support and affection for the Saudi people to Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud.
What investment opportunities did Pakistan offer?
During the meeting, Malik informed the Saudi ambassador that Pakistan had approved a tax-neutral bonded policy. The policy is based on international energy hubs such as Fujairah and Singapore.
Under this policy, Saudi companies will be able to keep commercial oil reserves in Pakistan without facing local tax liabilities.
The arrangement could help Saudi Arabia manage risks linked to shipping routes through the Strait of Hormuz and the Bab Al Mandeb Strait. It could also improve access to Asian markets.
Malik said oil storage facilities in Pakistan would give Saudi Arabia more options to manage its supplies and reach regional markets.
What are Pakistan’s plans for the energy sector?
The petroleum minister also discussed plans to build a major oil storage and refining complex at Hub in Balochistan.
The project is being developed under the guidance of Technip Energies UK.
It is expected to handle Very Large Crude Carriers and strengthen Pakistan’s position as a regional energy route for Central Asian and Chinese markets.
Malik also highlighted investment opportunities under Pakistan’s refinery upgradation programme.
