Flimsy oil storage capacity poses a national security threat: FPCCI

 

Thin oil storage capacity in the country is a national security threat; therefore, the government should take immediate steps to ensure proper strategic reserves of oil in Pakistan, a business leader said Thursday.

The current state of oil storage capacity in the country is highly unsatisfactory as petrol can be stored for requirements on nineteen days only but the whole stock has never exceeded the want of fifteen days, said FPCCI Regional Committee on Industries chairman Atif Ikram Sheikh.

Atif Ikram Sheikh said that according to rules and regulations all the oil companies are bound to ensure storage of twenty days but it is conveniently violated due to the inefficiency of the regulatory body.

The oil marketing companies are more interested in opening new filling stations and less concerned about enhancing their oil storage capacity, he said, adding that some companies that seem interested in boosting their reserves are confronted with red tape.

 

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