On Tuesday, Prime Minister Shehbaz Sharif and President Sheikh Mohamed bin Zayed Al Nahyan of the United Arab Emirates (UAE) reaffirmed their determination to further broaden and diversify bilateral ties between Islamabad and Abu Dhabi.
The occurrence occurred today during a phone conversation between the two leaders.
The premier thanked the president of the UAE for providing Pakistan with financial and material support following the country’s recent devastation caused by climate-induced floods, according to a statement released by the PM Office.
PM Shehbaz advised him on the impending ‘Global Gathering on Strong Pakistan’, planned to be held in Geneva on January 9 and requested his help for significant level cooperation from the UAE.
Pakistan’s climate resilience initiatives, which are the primary focus of the conference, were praised by President Sheikh Mohamed for the unwavering support of the United Arab Emirates.
The president of the United Arab Emirates was also invited to visit Pakistan by the prime minister.
“For the past five decades, Pakistan and the United Arab Emirates have had close ties that are firmly rooted in shared beliefs, values, and culture. According to the statement, “the UAE is Pakistan’s largest Middle East trading partner and a major source of investments.”
Pakistan, UAE agree to enter into GtG deal
In a significant development, Pakistan and the United Arab Emirates decided to enter into a GtG long-term agreement for the import of crude oil, gasoline, and jet fuel to ensure the long-term availability of petroleum products in the country.
Under a 5-year agreement, Pakistan would import 1.5 million tons of Motor Spirit (Mogas), or 30 cargoes per year. This would mean that PSO would import between two and a half and three cargoes per month.
To this end, Pakistan’s public state-owned Pakistan State Oil (PSO) and the United Arab Emirates’ Abu Dhabi National Oil Company (ADNOC) will sign a GtG business agreement, and the import of gasoline from ADNOC is likely to begin in January 2023 under the agreement.
A senior official who was also a part of the talks told The News, “This has been decided in recent talks held in Abu Dhabi wherein Pakistan’s delegation was headed by Musadik Masood Malik, Minister of State, and comprised of the secretary of petroleum, secretary of the Board of Investment, MD PSO, MD PARCO, and other officials of the Petroleum Division.”
Source: APP
