International buyers were allowed to buy oil and store it near Pakistan’s ports.
Petroleum Division has issued notification of Customs Bonded Policy Guidelines.
According to the notification of the Petroleum Division, global buyers will be able to purchase oil and store it near Pakistan’s ports.
International companies have to establish a subsidiary in Pakistan, these companies will sell to oil refineries and oil companies.
According to the notification, oil companies will be able to make payments in Pakistani rupees, the government will not have to give any guarantee in the purchase and sale of oil.
According to the notification of Petroleum Division, stored oil can be supplied to OGRA licensed companies, oil stored in Pakistani ports can also be re-exported.
According to the notification, permission from OGRA has to be obtained for export.
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