Pakistan
National Shipping Corporation (PNSC) organized an interactive workshop in Karachi
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.
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