By Commerce Reporter
LAHORE: Federal Minister for Maritime Affairs Muhammad Junaid Anwar said that significant progress is being made on the government’s Energy City project and that several oil-producing countries have shown interest in storing oil in Pakistan following recent regional tensions.
Speaking during his visit to the Lahore Chamber of Commerce and Industry (LCCI), he said that under the project, private companies would lease land from the government to establish modern oil storage facilities where oil could be stored and re-exported on a duty-free basis.
He said Pakistan did not have sufficient capital to establish large-scale strategic reserves on its own, but the proposed model would not only attract investment but would also allow the stored reserves to be utilized to meet domestic requirements during difficult times.
LCCI President Faheem Ur Rehman Saigol welcomed the minister.
The event was attended by Senior Vice President Tanveer Ahmed Sheikh, Vice President Khurram Lodhi, former presidents Mian Anjum Nisar and Muhammad Ali Mian, former Senior Vice Presidents Zafar Mehmood Ch and Engr Khalid Usman, Nasrullah Mughal, Executive Committee members Umar Sarfraz, Syed Hassan Raza, Mohsin Bashir, Rana Shouban Akhtar, Nadeem Ansari, Ahad Amin Malik, Asif Khan, Irfan Qureshi and Hafiz Sajjad, along with a large number of members of the business community.
Addressing the gathering, Faheem Ur Rehman Saigol said that despite having a coastline of nearly 1,000 kilometres and a strategically important geographical location, Pakistan had not yet fully benefited from the vast potential of the blue economy.
He said that by effectively utilizing opportunities in the maritime sector, Pakistan could earn billions of dollars in additional foreign exchange and further strengthen its importance in regional trade.
He emphasized the need to accelerate digitalization at ports, saying that unnecessary delays in cargo clearance increased business costs and undermined global competitiveness.
He described modern IT systems, automated clearance mechanisms, efficient scanners, vessel traffic management systems and complete digital integration among institutions as essential requirements of the time.
Federal Minister Muhammad Junaid Anwar said that the Ministry of Maritime Affairs had implemented more than 100 reform measures and that both Karachi Port Trust (KPT) and Port Qasim had achieved significant improvements in global rankings.
He said KPT had moved from 99th to 69th position, while Port Qasim had improved to 56th position. He added that Karachi Port Trust had broken a record in its 138-year history during the current year, with profits reaching Rs18.8 billion.
He said three new vessels had been added to the Pakistan National Shipping Corporation (PNSC) fleet, increasing its overall capacity by 40 percent, with further expansion planned in the future.
He added that the Ministry of Maritime Affairs had played a key role in ensuring there was no shortage of petroleum products in the country during the recent crisis.
A vessel that was initially available at a charter cost of $14 million was secured for $0.8 million to ensure uninterrupted fuel imports.
The minister said that during wartime conditions and logistical disruptions, port charges on transshipment cargo had been reduced by up to 50 percent, providing relief to the business community.
He added that after the launch of transshipment operations, Pakistani ports handled within 24 days a volume of cargo equivalent to what had previously been managed over an entire year, demonstrating the capacity and efficiency of the country’s ports.
Muhammad Junaid Anwar said that, in addition to a floating LNG terminal, the technical study for a land-based LNG terminal had been completed and that the project was expected to attract investment of $3 billion to $4 billion.
He said a $1.4 billion “Sea 2 Steel” shipbuilding project was being launched at Port Qasim, while a multipurpose cargo terminal, an integrated oil terminal storage facility and new container terminals would also be established.
He further said that Manora Shipyard was being revived so that ships would no longer have to be sent to Singapore or China for repairs and servicing.
Referring to the fisheries sector, he said fisheries exports had exceeded the target of $500 million and reached $568 million.
He added that tuna fish alone offered export potential worth billions of dollars for Pakistan and was receiving special attention.
LCCI President Faheem Ur Rehman Sehgal said Pakistan pays approximately $5 billion annually in maritime freight to foreign operators.
He said that by strengthening the national shipping line, expanding its fleet and adding more container vessels, a significant portion of this valuable foreign exchange could be retained within the country.
He said vast opportunities existed in shipbuilding, ship recycling and fisheries, which could not only increase exports but also create thousands of new jobs.
Stressing the need for the completion of Korangi Fish Harbour, port reforms, dredging, a national ports development plan and business-friendly legislation, he said the Lahore Chamber would continue to extend full cooperation to the Ministry of Maritime Affairs to help Pakistan emerge as a strong regional maritime hub.
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