ISLAMABAD – Pakistan will seek conversion of 50 percent of its annual diesel imports from Kuwait to grant along with the proposal to extension credit facility from 60 days to 90 days. An official source on Friday said the proposals would be discussed with the leadership of Kuwait during President Asif Ali Zardari’s two-day official visit to the country.
Pakistan imports nearly 3.4 million tonnes of diesel and 1 million tonne of furnace oil from Kuwait annually. The government is seeking extension in the credit facility between the Pakistan State Oil and Kuwait Petroleum Corporation for another two years.
The present facility will expire by the end of the current calendar year. Both the companies are expected to start negotiations in June to extend the facility to 2013, the source said. The president would also seek Kuwaiti investment in oil and gas exploration as well as refining and oil marketing sectors, the source said.
