KARACHI: Pakistan has asked Saudi Arabia to route oil supplies through the Red Sea port of Yanbu after the closure of the Strait of Hormuz disrupted shipping, the petroleum ministry said in a press release on Wednesday.
The request comes as war in the Middle East has disrupted shipping through the Strait of Hormuz, a critical global chokepoint through which a large share of the world’s oil and most of Pakistan’s fuel imports pass, raising concerns about supply security for import-dependent economies.
“He further highlighted that Saudi Arabian sources had assured security of supplies through the Port of Yanbu on the Red Sea, which can help meet energy requirements,” read the release, adding that one vessel has been arranged to sail to Yanbu to lift crude for Pakistan.
Riyadh reaffirmed it would support Pakistan in meeting its emergency energy needs, it added.
Pakistan, KSA to deepen ties in energy and minerals
Petroleum Minister Ali Pervaiz Malik raised the issue in a meeting with Saudi Arabia’s ambassador to Pakistan, Nawaf bin Said Al-Malki, according to a ministry statement.
The minister said most of Pakistan’s energy imports transit through the Strait of Hormuz and the government was monitoring the situation closely to ensure the continuity of supplies.
Saudi Arabia has also been seeking to divert some crude exports to the Red Sea port of Yanbu to bypass Hormuz as shipping through the strait slows due to the conflict, according to sources familiar with the matter.
American Dollar Exchange Rate