Print Print 2023-02-04

Russian oil supply likely by April

  • Negotiations with Russia were finalised in 45 days: Petroleum State Minister Musadik Malik
Published February 4, 2023

ISLAMABAD: Pakistan would hopefully start receiving oil from Russia at cheaper prices by the coming April and modalities have been finalised in this regard, Petroleum State Minister Musadik Malik informed the upper house of the parliament on Friday.

The negotiations with Russia over the provision of oil at cheaper prices were finalised in 45 days, the minister told the Senate session, presided over by Chairman Sadiq Sanjrani.

Following these negotiations, an initial agreement was arrived at, the minister said, adding that a joint declaration was issued after successful negotiations between the two sides.

Pakistan will pay for Russian energy purchases in currency of friendly countries: Russian official

Russia has assured that it would provide oil to Pakistan at prices cheaper than it was offering to other countries, he said.

The commercial aspect of the oil deal between Pakistan and Russia would be finalised by next month (March), Malik said.

Moscow has also assured Islamabad that its petroleum products would reach here between 20 to 21 days, he stated, adding that talks with Russia for trade in different fields were also underway.

The oil agreement with Russia will help Pakistan meet its 20 percent crude oil import requirements, the minister said.

Malik said Pakistan cannot directly purchase oil and gas from Iran keeping in view sanctions imposed on the latter. Instead, he said, the focus is on promoting barter trade with Iran. Liquefied petroleum gas (LPG) is brought to Pakistan from Iran through barter trade, he added.

Speaking on the floor of the house, Power Minister Khurram Dastgir said, the federal government is bringing a policy on solar energy for the provision of cheaper electricity to the consumers using this technology.

The government, he said, intends to introduce solar energy as an alternative to fossil fuel.

Copyright Business Recorder, 2023

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Muhammad Junaid Feb 04, 2023 11:51am
Can anyone provide the statistics of oil import by Pakistan from other countries? What will be the difference if Pakistan's crude oil import will shift to Russia?
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Spencer Feb 04, 2023 11:17pm
Too little too late! Economy has already tanked due to Crooks brought in by the RC gurus!
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Zubair Feb 04, 2023 11:18pm
@Muhammad Junaid , Why everything is so hidden and not transparent to the public!
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Rebirth Feb 05, 2023 12:26am
The Americans brought this government to power because the previous one, under the American Moeed Yousuf, was getting a bit too close to the Russians. Was it double speak? They created an impression of being opposed to Russia just so they can handover the entire region to them and focus on Taiwan and Ukraine instead.
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