Pakistan and Saudi Arabia have agreed to further strengthen cooperation in oil storage, refinery upgradation and energy security.

An understanding to this effect came at a meeting between Minister for Petroleum Ali Pervaiz Malik and Saudi Ambassador to Pakistan Dr. Rajeh Tami Albugamy in Islamabad.

Ali Pervaiz Malik said Pakistan has approved a tax-neutral bonded storage policy, offering Saudi companies an opportunity to establish commercial oil storage facilities in the country.

The Minister said a major petroleum storage and refining complex in Hub, Balochistan, would enhance Pakistan's potential to emerge as an energy corridor in the region. He said the proposed Hub complex would have facilities to accommodate Very Large Crude Carriers.

The Minister for Petroleum said there are significant opportunities for Saudi investment and partnership in Pakistan's refinery upgradation programme.

On the occasion, the Saudi Ambassador announced the introduction of same-day processing of visa applications for Pakistani citizens. He said the facilitation in visa processing would help promote business, cultural and people-to-people contacts between the two countries.

The Ambassador said the defence and energy cooperation between Pakistan and Saudi Arabia is aimed at promoting peace, stability and economic development in the region.