ICCI for enhancing oil storage capacity

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) on Tuesday called for increasing petroleum storage capacity in the Gilgit-Baltistan (GB) to ensure uninterrupted operations and early completion of the economic corridor and mega projects.

President ICCI, Atif Ikram Sheikh called for boosting GB petroleum storage capacity by 1000 percent which could help masses as well as armed forces in case of an emergency.

Talking to a group of businessmen from Gilgit-Baltistan, he said that oil supply to the area faces disturbance due to closure of main road leading to GB.

The situation results in shortage of fuel leading to profiteering by certain elements which could be avoided by improve local fuel storage, he said.

Atif Ikram Sheik said that economic corridor, mega water reservoir project and revamping the highways would require more fuel while the existing infrastructure can handle only one million liters or demand of two days.

Although, he said the storage capacity was enough for three days but corridor project has changed the situation.

He urged the need for building good storage capacity to improve situation in remote hilly area as state-run oil retailer can store only 80,0000 tones of fuel.

To getting benefit of the receding oil prices many countries are increasing their strategic reserves and Pakistan must build storage capacities to enhance its oil reserves, he added.

India can store fuel enough for requirements of two weeks, US two months, Switzerland four and a half months while all 27 EU countries must have storage enough to satisfy requirements for three months, he informed.

Oil accounts for more than 44 per cent of Pakistan’s energy needs, and we relies heavily on 18 million tones of imported crude and petroleum products from Middle Eastern markets, he remarked.



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