BEIJING, Aug 2 – Pakistan has emerged as a significant player in the global energy market, thanks to its rapidly growing petroleum bituminous exports to China. The trade partnership between these two nations has strengthened in recent years, creating a mutually beneficial economic impact for both countries, said Owias Mir, the CEO of Dynamic Group of Engineering.
Owias Mir told China Economic Net that his group is one of the leading LNG, naphtha, and petroleum importers and exporters in Pakistan. Being the world’s largest consumer of energy, China has an insatiable appetite for various energy sources to fuel its expanding economy. This quest for reliable and diverse energy supplies has driven China to seek partnerships with resource-rich nations like Pakistan.
“According to data from customs, naphtha exports from Pakistan to China crossed 72 million dollars in the first six months of this year. Pakistan’s strategic geographic location and abundant petroleum bituminous reserves make it an ideal supplier to meet China’s growing energy demands,” he mentioned.
He further stated that the surge in petroleum bituminous exports to China has played a pivotal role in enhancing Pakistan’s economic prospects. This trade relationship has provided Pakistan with an opportunity to tap into a lucrative market, generating valuable foreign exchange earnings. These increased revenues have bolstered the country’s foreign reserves and contributed to stabilizing its economy.
“In 2022, the trade of naphtha exports from Pakistan to China was $26.36 million, and the rise in petroleum bituminous exports has fostered closer ties between Pakistan and China, with both nations seeking to create a more conducive environment for trade and investment,” he added.
Mir emphasized that the booming petroleum bituminous exports from Pakistan to China have ushered in a new era of economic cooperation and growth for both nations. China gains access to a diversified energy supply, while Pakistan benefits from increased foreign exchange earnings and strengthened diplomatic ties.
