Pakistan Pursues Russian Oil and Kuwait Storage Amid Hormuz Crisis

Pakistan is accelerating efforts to diversify its energy imports after Iran's closure of the Strait of Hormuz disrupted roughly 22% of global oil and LNG shipments. The waterway was shut following joint U.S.-Israel military strikes on Iran that began February 28 and ended April 8 with a Pakistan-mediated ceasefire. Pakistan, which produces only about 10% of its energy domestically and relies heavily on Gulf imports, has raised domestic petrol prices multiple times since the blockade began, including a record increase in April.

Ambassador Faisal Niaz Tirmizi told Russia's TASS news agency that Pakistan plans to increase crude oil imports from Russia and could eventually discuss pipeline projects linking South Asia with Turkmenistan and Russia. He called the Hormuz closure the most pressing issue in negotiations surrounding Iran.

Separately, Petroleum Minister Ali Pervaiz Malik met Kuwait's Ambassador Nassar Abdulrahman Jasser Almutairi in Islamabad, where the two sides agreed to explore building strategic petroleum storage facilities in Pakistan. Malik thanked Kuwait for facilitating the vessel Khairpur, which carried approximately 45,000 tonnes of diesel and 10,000 tonnes of jet fuel under special approvals during the crisis. Kuwait recently extended a two-year oil credit facility and assured continued diesel and jet fuel supplies. Pakistan imports over 60% of its diesel from Kuwait through a long-term arrangement between Kuwait Petroleum Corporation and Pakistan State Oil. Ambassador Almutairi praised Pakistan's peace efforts, noting its international standing had risen during the crisis.