[
LAHORE:
Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry has said that significant progress is being made on the government’s Energy City project and several oil-producing countries have shown interest in storing oil in Pakistan in the wake of recent regional tensions.
Speaking during his visit to the Lahore Chamber of Commerce and Industry (LCCI), the minister said that under the project, private companies would lease land from the government to establish modern oil storages, where oil could be kept and re-exported duty-free. He noted that Pakistan did not have sufficient capital to establish large-scale strategic reserves on its own, but the proposed model would not only attract investment but would also allow the stored reserves to be utilised to meet domestic requirements during difficult times.
Chaudhry highlighted that the Ministry of Maritime Affairs had implemented more than 100 reforms and both Karachi Port and Port Qasim had achieved significant improvements in global rankings. Karachi Port has moved from the 99th to 69th position while Port Qasim has climbed to the 56th place. Karachi Port has broken the record in its 138-year history in financial year 2025-26, with profits reaching Rs18.8 billion.
He pointed out that three new vessels had been added to the Pakistan National Shipping Corporation fleet, increasing its overall capacity by 40% while further expansion was also planned for the future.
He added that the maritime ministry had played a key role in staving off the shortage of petroleum products during the recent crisis. A chartered vessel that was initially available at a cost of $14 million was secured for $0.8 million to ensure uninterrupted fuel imports.
The minister underscored that during wartime conditions and logistics disruptions, port charges for transshipment cargo were reduced up to 50% to provide relief to the business community. Following the launch of transshipment operations, Pakistani ports handled within 24 days the volume of cargo that was equal to what had been previously handled in an entire year, which demonstrated the capacity and efficiency of the country’s ports.
In addition to a floating liquefied natural gas (LNG) terminal, the minister revealed, the technical study for a land-based LNG terminal had been completed and the project was expected to attract investments of $3-4 billion. Also, a $1.4 billion “Sea 2 Steel” shipbuilding project was being launched at Port Qasim while a multipurpose cargo terminal, an integrated oil terminal storage facility and new container terminals would also be established.
Chaudhry emphasised that Manora Shipyard was being revived so that ships would no longer have to be sent to Singapore or China for repair and servicing. Referring to the fisheries sector, he said fisheries’ exports exceeded the target of $500 million and reached $568 million.
Speaking on the occasion, LCCI President Faheemur Rehman Saigol said that despite having a coastline of nearly 1,000 kilometres and a strategically important geographical location, Pakistan had not yet fully benefited from the vast potential of the blue economy. He stressed that by effectively utilising opportunities in the maritime sector, Pakistan could earn billions of dollars in additional foreign exchange and further strengthen its importance in regional trade.
He underlined the need for accelerating digitalisation at ports, saying that unnecessary delays in cargo clearance increased business costs and undermined global competitiveness. He described modern IT systems, automated clearance mechanisms, efficient scanners, vessel traffic management systems and complete digital integration as essential requirements of the time.
Saigol mentioned that Pakistan paid approximately $5 billion annually in maritime freight to foreign operators, adding that by strengthening the national shipping line, expanding its fleet and adding more container vessels, a significant proportion of that foreign exchange could be saved within the country.
He outlined vast opportunities for shipbuilding, ship recycling and fisheries, which could not only increase exports but also create thousands of new jobs. He called for completion of Korangi Fish Harbour, port reforms, dredging, a national ports development plan and business-friendly legislation to help Pakistan emerge as a strong regional maritime hub.