Pakistan and Gunvor Group, a Switzerland-based global energy trading company, have reaffirmed their commitment to continued engagement and cooperation in Pakistan’s petroleum and energy sectors, with discussions focusing on refinery modernisation, petroleum-sector reforms, market development and investment. The cooperation is aimed at supporting efforts to strengthen Pakistan’s energy security, improve the efficiency of the petroleum market and create opportunities for further investment in the country’s energy infrastructure.
A delegation from Gunvor Group met Federal Minister for Economic Affairs Ahad Cheema on August 10, 2026, to discuss potential areas of cooperation in Pakistan’s energy and petroleum sectors. The delegation included Shahb Richyal, Global Head of Portfolio; Seth Thomas Pietras, Corporate Affairs Director; and Kashif Mayo, Head of Corporate Affairs. During the meeting, both sides discussed the government’s ongoing efforts to modernise the petroleum sector and the potential role of Gunvor Group in supporting investment and development activities in the industry.
Cheema highlighted the government’s efforts to upgrade and modernise Pakistan’s oil refineries, stating that measures were being pursued to strengthen the petroleum sector and improve its efficiency and competitiveness. The minister said refinery modernisation remained an important component of the government’s wider efforts to improve the country’s petroleum infrastructure. The Gunvor Group delegation expressed its willingness to support the government’s refinery upgradation process and explore opportunities for increased cooperation in this area.
The meeting also covered the government’s proposed initiative to deregulate oil prices, which Cheema described as an important step towards reforming Pakistan’s petroleum market. He said the Cabinet may soon approve the proposed deregulation policy, which would pave the way for a more competitive and efficient petroleum market. The Gunvor Group delegation welcomed the proposed initiative and noted that oil price deregulation could promote greater competition among Oil Marketing Companies and improve efficiency across the petroleum sector.
The minister also briefed the delegation on the government’s ongoing reform process at Pakistan State Oil, the country’s leading state-owned oil marketing company. The discussion emphasised the importance of strengthening Pakistan State Oil through institutional and operational reforms. The government is seeking to improve the company’s overall effectiveness as part of broader measures aimed at strengthening the petroleum market and improving the performance of key state-owned entities operating in the sector.
Gunvor Group officials also appreciated the Government of Pakistan’s efforts to maintain an uninterrupted fuel supply during the recent Gulf crisis. According to the government’s press release, the delegation noted that adequate fuel remained available in Pakistan despite the challenging international situation. Cheema said maintaining fuel supplies and keeping prices stable during the crisis had been a difficult task, but the government, in coordination with the Oil and Gas Regulatory Authority and other relevant stakeholders, took timely measures to ensure continuity of supplies and protect consumers from disruptions.
The Gunvor representatives further informed the minister that Parco Gunvor Limited was expanding its business and network in Pakistan. Cheema welcomed the company’s expansion plans and assured the delegation that the government remained committed to facilitating legitimate business and investment activities. He said the government would continue working towards creating a conducive environment for investors and international companies seeking to expand their operations in Pakistan.
The minister also highlighted the role of the Oil and Gas Regulatory Authority in regulating and overseeing the country’s petroleum sector. He said the government’s broader reform agenda was focused on improving transparency, efficiency, competition and investment across the energy market. The discussions with Gunvor Group therefore covered both immediate investment opportunities and wider structural reforms intended to strengthen the petroleum sector.
The reaffirmed engagement between Pakistan and Gunvor Group comes as the government continues to pursue reforms and investment in the petroleum industry. Areas including refinery modernisation, oil price deregulation, institutional reforms and market development remain central to efforts to improve the sector’s efficiency and competitiveness. Gunvor Group’s interest in expanding its business and network through Parco Gunvor Limited also provides an additional avenue for continued cooperation between the international energy trading company and Pakistan’s petroleum sector.
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