Swiss energy trading company Gunvor Group has expressed interest in expanding its cooperation and investment in Pakistan’s petroleum sector, including potential involvement in refinery modernization, as the government advances plans to deregulate oil prices.
A Gunvor delegation met Federal Minister for Economic Affairs Ahad Cheema in Islamabad on Monday to discuss investment and cooperation opportunities in Pakistan’s energy and petroleum sectors.
The delegation included Gunvor Global Head of Portfolio Shahb Richyal, Corporate Affairs Director Seth Thomas Pietras, and Head of Corporate Affairs Kashif Mayo.
During the meeting, Cheema briefed the delegation on the government’s plans to modernize and upgrade Pakistan’s oil refineries as part of wider reforms aimed at improving efficiency and competitiveness in the petroleum sector.
Gunvor representatives expressed interest in supporting the refinery upgrade program and exploring additional areas of cooperation in Pakistan.
The government’s refinery modernization drive is aimed at improving the efficiency of domestic refining capacity and strengthening the country’s petroleum supply chain.
The minister also briefed Gunvor on the government’s proposed oil price deregulation policy, which could receive Cabinet approval soon.
Gunvor welcomed the proposed deregulation, saying it could promote greater competition among oil marketing companies and improve efficiency across Pakistan’s petroleum market.
Under a deregulated pricing framework, market forces would have a greater role in determining petroleum prices, potentially changing how fuel prices are set and how oil marketing companies compete.
The meeting also covered ongoing reforms at Pakistan State Oil (PSO). Cheema emphasized the need to strengthen the state-owned oil marketing company through institutional and operational improvements.
He also highlighted the role of the Oil and Gas Regulatory Authority (OGRA) in overseeing the petroleum sector, saying the government’s broader reform agenda focuses on improving transparency, competition, efficiency and investment.
Gunvor officials praised Pakistan’s handling of fuel supplies during the recent Gulf crisis, noting that the country maintained adequate fuel availability despite difficult international conditions.
Cheema said maintaining uninterrupted fuel supplies and stable prices during the crisis had been challenging, but the government worked with OGRA and other stakeholders to prevent major disruptions.
Parco Gunvor Expanding Operations
The Gunvor delegation also informed the minister that Parco Gunvor Limited is expanding its business operations and network in Pakistan.
Cheema welcomed the expansion and assured the company that the government would facilitate legitimate investment and business activities while working to create a favorable environment for international investors.
Both sides agreed to maintain engagement on refinery modernization, petroleum sector reforms, market development and investment opportunities.
The government said greater cooperation with international energy companies could help strengthen Pakistan’s energy security, petroleum infrastructure and long-term economic growth.
