The three countries could form a joint venture to manage shipping through the Strait of Hormuz.

According to RIA Novosti on March 30, Reuters, citing two Pakistani officials, reported that Türkiye, Egypt, and Saudi Arabia may form a consortium to coordinate the flow of oil through the Strait of Hormuz.

According to a source, proposals, including an initiative from Egypt, had been submitted to the White House earlier. This proposal suggests a fee collection mechanism similar to the model currently in place at the Suez Canal.

"Türkiye, Egypt, and Saudi Arabia could form a consortium to manage oil flows through this strategic waterway," Reuters reported.

According to the same news agency, the group of countries has extended an invitation to Pakistan to join. However, another source indicated that Islamabad has not yet received an official invitation and has no plans to join the initiative.

Sources further revealed that the proposal to form a joint venture had been discussed with both the US and Iran. Notably, Pakistan's Army Chief of Staff Asim Munir is said to have maintained regular contact with US Vice President JD Vance on this matter.

Earlier, Reuters reported that Pakistan, Saudi Arabia, Türkiye, and Egypt had held discussions in Islamabad to find possible solutions to end tensions between the US and Iran.

At the end of March 29th – the first day of talks in Islamabad – Pakistani Foreign Minister Ishaq Dar stated that the foreign ministers of the regional powers had discussed "possible ways to end the war in the region soon and permanently"; and had also been informed about potential talks between the US and Iran in Islamabad.

Pakistan, like Türkiye, shares a border with Iran and has leveraged its relationships with both Tehran and Washington to become an important diplomatic channel in the conflict, while Ankara and Cairo have also played a role.