Business

Fuel oil: PSO plans to import 1m tons from Kuwait

Pakistan imports about 80 per cent of its oil.

Reuters January 20, 2011 Less than a minute read

ISLAMABAD: Pakistan State Oil (PSO) plans to buy one million tons of high-sulphur fuel oil from Kuwait Petroleum Corp (KPC) for delivery this year, a PSO spokesperson said on Thursday.

“PSO is in the process of concluding a deal for the purchase of a part, 750,000 tons, of the total quantity on 30 days of credit,” the spokesperson said.

Pakistan imports about 80 per cent of its oil. It spent $5.46 billion on the import of six million tons of petroleum products and 3.7 million tons of crude oil in the first six months of the 2010-11 (July-June) financial year.

PSO has bought up to 1.08 million tons of utility fuel oil, for January to March delivery, traders said this week.

Published in The Express Tribune, January 21^st, 2011.