BAFL 46.25 Increased By ▲ 0.50 (1.09%)
BIPL 20.19 Decreased By ▼ -0.03 (-0.15%)
BOP 5.30 Decreased By ▼ -0.05 (-0.93%)
CNERGY 4.61 Increased By ▲ 0.06 (1.32%)
DFML 16.61 Increased By ▲ 0.64 (4.01%)
DGKC 78.06 Decreased By ▼ -0.63 (-0.8%)
FABL 28.21 Increased By ▲ 0.36 (1.29%)
FCCL 20.07 Increased By ▲ 1.21 (6.42%)
FFL 9.14 Increased By ▲ 0.16 (1.78%)
GGL 12.84 Decreased By ▼ -0.02 (-0.16%)
HBL 111.51 Decreased By ▼ -0.39 (-0.35%)
HUBC 123.69 Increased By ▲ 1.49 (1.22%)
HUMNL 7.65 No Change ▼ 0.00 (0%)
KEL 3.27 Increased By ▲ 0.03 (0.93%)
LOTCHEM 28.30 Increased By ▲ 0.32 (1.14%)
MLCF 41.81 Decreased By ▼ -0.64 (-1.51%)
OGDC 115.39 Increased By ▲ 4.71 (4.26%)
PAEL 19.05 Increased By ▲ 0.16 (0.85%)
PIBTL 5.53 Increased By ▲ 0.06 (1.1%)
PIOC 112.85 Decreased By ▼ -2.45 (-2.12%)
PPL 100.04 Increased By ▲ 5.05 (5.32%)
PRL 25.64 Increased By ▲ 0.27 (1.06%)
SILK 1.10 Decreased By ▼ -0.01 (-0.9%)
SNGP 67.52 Increased By ▲ 3.02 (4.68%)
SSGC 12.54 Increased By ▲ 0.27 (2.2%)
TELE 8.46 Increased By ▲ 0.07 (0.83%)
TPLP 13.39 No Change ▼ 0.00 (0%)
TRG 85.46 Increased By ▲ 1.36 (1.62%)
UNITY 26.60 Increased By ▲ 0.75 (2.9%)
WTL 1.57 Increased By ▲ 0.03 (1.95%)
BR100 6,377 Increased By 82.2 (1.31%)
BR30 22,376 Increased By 439.3 (2%)
KSE100 62,493 Increased By 801.8 (1.3%)
KSE30 20,829 Increased By 274.3 (1.33%)
Print Print 2023-01-27

Signing of deal in March: Refineries to get Russian oil by April-end

  • Russian and Pakistani companies would sign agreements on spot purchase and long-term LNG contracts under the energy security plan
Published January 27, 2023

ISLAMABAD: A Russian company will start supplying crude oil to Pakistani refineries at an affordable price by the end of April following the signing of a commercial agreement in March.

Minister for State of Energy Musaddiq Malik announced this at a press conference on Thursday.

“Both sides which met in the current month agreed to sign a commercial agreement between two state-owned companies of both countries in March and it will take 20 to 25 days to start supply of the Russian crude oil,” he added.

Responding to a question on the mode of payment, the minister said it would be agreed in the negotiation of the commercial agreement and can be other than the US dollar. He further said that the government fulfilled its commitments to bring oil at affordable prices from Russia - the promise made 45 days back.

US has no objection to Pakistan importing Russian oil: Price

“The deal is part of a holistic plan for energy security which was finalized in October 2022 for a sustainable supply of gas and oil at cheaper rate to save foreign exchange by reducing import bill,” he added.

The minister said that Russian and Pakistani companies would sign agreements on spot purchase and long-term LNG contracts under the energy security plan to meet the growing gas demand in the next winter. “The corrective measures in the gas sector is a result of no protest of gas loadshedding in winter as gas is available at cooking times and as an additional LPG cylinders are available at the Ogra’s prices at the counters set up by both gas companies across the country,” he added.

He maintained that the private sector was opposing the government’s decision to import gas through gas companies and full utilisation of LPG terminal which was earlier running on 20 to 25 percent capacity.

He further said an investment of around $10-14,000 million would be expected in the oil refinery.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Signing of deal in March: Refineries to get Russian oil by April-end

KSE-100 retreats slightly after closing in on 63,000, still ends 1.3% higher

Inter-bank: rupee registers 5th successive gain against US dollar

Open market: rupee gains further against US dollar

No crisis on election finances: Solangi

Imran Khan wants ‘ex-army general, US envoy’ to be summoned for cipher trial: lawyer

Suzuki Motor proposes purchase of minority shareholders’ stake at minimum Rs406 per share

PM Kakar calls for timely completion of work to unlock climate funds

India's Modi seen unstoppable after surprise state polls sweep

Israel orders Gazans out of swathes of Khan Younis

Haris Rauf, Usama Mir and Zaman Khan get NOCs for BBL 9