Pakistan relies on NSC for 80% of oil imports: Jawad

KARACHI: Rear Admiral Jawad Ahmed, Chairman and CEO of the Pakistan National Shipping Corporation (PNSC), revealed that a staggering 80% of the oil imported into Pakistan is transported through the PNSC. Highlighting the critical role of the shipping industry, Rear Admiral Jawad Ahmed emphasized the need to promote and strengthen this sector. His remarks were made during an address at the Korangi Association of Trade and Industry (KATI), says a Press release.
Speaking at the event, Rear Admiral Jawad Ahmed extended a warm invitation to the Abu Dhabi Group, inviting them to invest in Pakistan and become stakeholders at the port. He emphasized the profitability of the shipping business and expressed his belief that with the right support, the industry could flourish.
Pakistan currently expends a substantial $6 billion on freight for seaborne trade. Recognizing the potential of the shipping sector, PNSC has undertaken measures to enhance its growth and development. Rear Admiral Jawad Ahmed mentioned that collaboration with international organizations in the maritime sector could assist in meeting the demands of shipping lines, particularly in terms of manpower.
The President of KATI, Faraz-ur-Rehman, also addressed the audience, emphasizing the crucial role of the shipping sector in Pakistan. He expressed optimism about the ongoing revolution in maritime trade within the country. Faraz-ur-Rehman further highlighted Pakistan’s abundance of maritime resources, such as the port of Gwadar and institutions like the Pakistan National Shipping Corporation. He emphasized the potential benefits to the economy from recent developments, including the opening of sea trade with Russia and the arrival of oil shipments.
Faraz-ur-Rehman stressed the need to focus on strengthening the shipping sector in Pakistan. Currently, Pakistan possesses an insufficient number of ships, leading to foreign companies charging exporters and importers in dollars. To rectify this situation, an atmosphere of healthy competition needs to be fostered, allowing Pakistan to rival foreign shipping companies.
Fawad Shaikh, Chairman of the Standing Committee, praised the commendable services rendered by the Pakistan National Shipping Corporation, highlighting their contributions to the country despite limited resources.
The ceremony was attended by several notable figures, including Senior Vice President Nighat Awan, Vice President Muslim Mohammadi, Chairman of the Standing Committee Fawad Sheikh, and former presidents Ehtishamuddin and Syed Farrukh Mazhar, among others.