Pakistan National Shipping Corporation (PNSC) organized an interactive workshop in Karachi, to attract investments and find solutions wisdom-sharing with numerous international experts of the Marine-fuel Bunkering industry.
The Chairman PNSC, Arif Elahi gave an inspirational key-note speech, expressing PNSC’s interest in Bunkering ventures, as he highlighted the vast potential and robust developments that promise great business opportunities for investors in this arena. With the establishment of the China Pakistan Economic Corridor (CPEC), Pakistan is heading towards major growth in its shipping and energy industries.
The pioneering event was attended by many leading experts, professionals and stakeholders of the Bunkering industry from Pakistan, Middle East and the United Kingdom, including; the Manager Sales of World Fuel Services London, Maximillian Canegie-Jones; Global Operations Manager of Lloyds Register Fuel Oil Advisory Services of UK, Naeem Javed; General Manager of Rais Hassan Saadi Group of Dubai, Mujahid Hassan; and senior official of Dan Bunkering Dubai, Adil Qayyum.
Among other notable delegates were; Director of Marine Fleet Management Singapore, Ahmed Pervaiz; Head of Bunkering PNSC, Saad Masood, and the Commercial Manager of Pakistan Refinery Ltd, Sami ur Rehman, along with senior level representation of major financial institutions like Standard Chartered Bank, Mr. Adil Salahuddin, Head of Financial Markets.
The Executive Director (SM) Fleet of PNSC, Tariq Majeed, who was the Moderator of the workshop, and other senior executives from PNSC highlighted the regulatory incentives, tax-relief and support provided by the Pakistan government to promote the establishment of Bunkers, which play an important role in fueling the shipping operations and global cargo vessels, coming to the various sea-ports in Pakistan.
Over the years, PNSC has shown outstanding performance in its global shipping operations, earning nearly Rs.2 Billion in annual profits. It has raised its capacity to carry 700,000 tons of dead-weight annually, while it safely and successfully carries 90% of Pakistan’s oil imports. It is now planning to create partnerships with the bunkering enterprises, Oil-refineries, financial institutions and traders of marine-fuel, with willingness to invest in new machinery, cranes and dredgers, for strengthening the infrastructure at the sea-ports of Pakistan
The experts held insightful discussions on the various challenges and opportunities in this essential sector. With more than 4000 international vessels docking on the ports in Pakistan, there is a need to develop more efficient facilities and oil-testing labs to ensure quality and save the unnecessary expenditure incurred by the ships arriving in Pakistan. 70% of the costs in shipping operations go into the fueling of vessels
As the demand for Marine fuel increases in Pakistan, global investors can find great opportunities in bunkering ventures in Pakistan by creating synergies with the local entrepreneurs, to create higher standards of quality and efficiencies. With the sharp reduction and volatility in global oil prices, this whole industry needs to work in cohesion to minimize their risks, optimize growth and meet the emerging challenges.