ISLAMABAD: Petroleum Minister Ali Pervaiz Malik and French Ambassador to Pakistan Nicolas Galey discussed bilateral energy cooperation on Tuesday, as the US-Israel war on Iran disrupts global oil supply chains.
Ever since the US and Israel carried out airstrikes against Iran in February, Tehran has maintained a stranglehold on the Strait of Hormuz, through which roughly 20 percent of the world’s oil and gas supplies are shipped.
Both sides have also struck energy infrastructure sites across the Middle East, leaving suppliers to grapple with damaged facilities, disrupted logistics and elevated risks to shipping.
Malik met Galey to discuss Islamabad’s measures to ensure adequate stocks of petroleum products in the country and cooperation in the energy sector between both countries, the petroleum ministry said in a statement.
“Both sides reiterated their commitment to strengthening bilateral cooperation and exploring new opportunities for collaboration in energy security, mineral development, and sustainable economic growth,” the ministry said.
Galey appreciated the Pakistani government for taking steps to ensure the availability of adequate stocks of petroleum products for masses despite the global oil crisis, the statement added.
Malik said the government has adopted a strategy of prioritizing supply continuity over price shock, and ensured the availability of petroleum products while also protecting the liquidity of the supply chain.
He said diplomatic efforts by Pakistan’s prime minister, chief of defense forces and other political leaders helped secure petroleum supplies through alternate channels.
“He added that the government is now working on measures to provide targeted subsidies to protect vulnerable segments of society,” the statement said.
Galey noted that energy cooperation between the two countries has expanded in recent years, the petroleum ministry said, adding that French companies have expressed “growing interest” in Pakistan’s mining sector.
