LAHORE, Nov 08 (APP):Pakistan Furniture Council (PFC) Chief Executive Officer Mian Kashif Ashfaq on Sunday stressed the urgent need to establish strategic oil and natural gas storage facilities on a priority basis to ensure uninterrupted energy supplies to industries amid prevailing geopolitical tensions in the Middle East. Chairing a meeting of the council’s Board of Directors here, he said the development of strategic oil reserves and underground gas storage infrastructure …
PFC chief stresses establishing strategic oil, gas reserves
LAHORE, Nov 08 (APP):Pakistan Furniture Council (PFC) Chief Executive Officer Mian Kashif Ashfaq on Sunday stressed the urgent need to establish strategic oil and natural gas storage facilities on a priority basis to ensure uninterrupted energy supplies to industries amid prevailing geopolitical tensions in the Middle East.
Chairing a meeting of the council’s Board of Directors here, he said the development of strategic oil reserves and underground gas storage infrastructure had become an immediate national security requirement rather than a long-term objective. He said establishing bonded storage hubs and expanding terminal capacity would enable Pakistan to maintain energy reserves for several months, absorb international market shocks, and ensure continuity of economic activities.
Referring to the regional energy situation, he said the closure of the Strait of Hormuz on February 28, 2026, followed by QatarEnergy’s declaration of force majeure, had highlighted Pakistan’s vulnerability, as the country sourced almost all its LNG requirements from Qatar.
He said Pakistan had also sought Saudi Arabia’s assistance in rerouting crude oil supplies through the Red Sea, while the country had to release gas reserves that had been held back for weeks due to the absence of adequate storage infrastructure.
He said the government did not necessarily need to invest public funds in developing such facilities but should establish clear regulatory frameworks, issue licenses promptly, and ensure fulfillment of its commitments to encourage private-sector investment.
