PNSC seeks bunkering joint ventures KARACHI: The Pakistan National Shipping Corporation (PNSC) is seeking joint ventures and investments in marine-fuel bunkering to meet the expected surge in demand after establishment of the China-Pakistan Economic Corridor (CPEC).
Speaking at a workshop on ‘Marine-fuel bunkering in Pakistan’ on Thursday, PNSC Chairman Arif Elahi said his organisation is keen on the bunkering business as the sector has promising future particularly in the light of CPEC.
PNSC Executive Director Tariq Majeed spoke on government incentives and tax-relief being given to the sector by the government.
Over the years PNSC has been showing outstanding performance in its global shipping operations, earning nearly Rs2 billion in annual profits, he said.
The strength of the PNSC could well be judged from the fact that the corporation has raised its capacity to 700,000 tonnes of dead-weight annually, while it safely and successfully haulage 90 per cent of country oil imports, he added.
The PNSC is now keen to enter into partnerships with bunkering enterprises, including oil-refineries, financial institutions and traders of marine-fuel and would also like to invest in new machinery like cranes and dredgers which will strengthen country’s sea-ports infrastructure, he said.
On the occasion, some experts opined that with more than 4000 vessels calling at the country’s ports from all over the world there was an urgent need to develop more efficient facilities and oil-testing labs to ensure quality.
By doing this, they said, it would save unnecessary expenditure incurred by ships calling at Pakistani ports because around 70pc of the cost in shipping operations goes into the fueling of vessels.
It was also observed that as the demand for marine fuel increases in Pakistan, global investors can find great opportunities in bunkering ventures in the country by creating synergies with the local entrepreneurs and develop higher standards of quality and efficiencies.
The experts suggested that following sharp reduction and volatility in global oil prices, the whole industry needs to work in cohesion to minimise risks, optimise growth and meet the emerging challenges.