AGL 38.18 Decreased By ▼ -0.22 (-0.57%)
AIRLINK 142.98 Increased By ▲ 7.98 (5.91%)
BOP 5.07 Decreased By ▼ -0.02 (-0.39%)
CNERGY 3.77 Decreased By ▼ -0.02 (-0.53%)
DCL 7.56 Decreased By ▼ -0.03 (-0.4%)
DFML 44.48 Increased By ▲ 0.03 (0.07%)
DGKC 76.25 Decreased By ▼ -1.15 (-1.49%)
FCCL 26.95 Increased By ▲ 0.07 (0.26%)
FFBL 52.00 Decreased By ▼ -0.97 (-1.83%)
FFL 8.52 Decreased By ▼ -0.02 (-0.23%)
HUBC 125.51 Increased By ▲ 1.71 (1.38%)
HUMNL 9.99 Increased By ▲ 0.05 (0.5%)
KEL 3.74 Increased By ▲ 0.01 (0.27%)
KOSM 8.15 Increased By ▲ 0.07 (0.87%)
MLCF 34.75 Increased By ▲ 1.05 (3.12%)
NBP 58.71 Increased By ▲ 0.22 (0.38%)
OGDC 154.50 Increased By ▲ 4.55 (3.03%)
PAEL 25.15 Increased By ▲ 0.45 (1.82%)
PIBTL 5.93 Increased By ▲ 0.08 (1.37%)
PPL 118.31 Increased By ▲ 6.66 (5.97%)
PRL 24.38 Increased By ▲ 0.48 (2.01%)
PTC 12.00 Decreased By ▼ -0.10 (-0.83%)
SEARL 56.00 Decreased By ▼ -0.89 (-1.56%)
TELE 7.05 Increased By ▲ 0.05 (0.71%)
TOMCL 34.99 Decreased By ▼ -0.16 (-0.46%)
TPLP 6.98 Decreased By ▼ -0.07 (-0.99%)
TREET 13.98 Decreased By ▼ -0.18 (-1.27%)
TRG 46.10 Decreased By ▼ -0.13 (-0.28%)
UNITY 26.00 Decreased By ▼ -0.08 (-0.31%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 8,822 Increased By 86.7 (0.99%)
BR30 26,723 Increased By 466.7 (1.78%)
KSE100 83,532 Increased By 810.2 (0.98%)
KSE30 26,710 Increased By 328 (1.24%)

ISLAMABAD: Foreign Office on Thursday defended Pakistan’s procurement of “affordable” crude oil from Russia as a priority amid a difficult economic situation, energy shortages, and high cost of energy due to dependence on imported petroleum.

Speaking at her weekly media briefing, Foreign Office spokesperson Mumtaz Zahra Baloch said that the process of procuring petroleum from Russia started a while back and after intense negotiations “we were able to finalise a deal as a result of which the first shipments have arrived from Russia.”

“For Pakistan, access to affordable oil imports has been a priority as the country faces a difficult economic situation, energy shortages and high cost of energy due to dependence on imported petroleum…This [Russian oil] will have high benefits for the Pakistani people,” she said in response to a question.

More crude oil will be imported from Russia: Musadik

However, on the question as to whether or not the payment to Russia was done in Chinese currency, she added that the Ministry of Petroleum has taken the lead in this process and, therefore, it would be more appropriate to get further details from the ministry.

Commenting on the US State Department spokesperson’s concerns about the functioning of the military courts, she said that Pakistan is a country of laws and constitution, adding that any actions of the government of Pakistan with regard to the events of May 9 will be in accordance with our laws and the Constitution.

“We remain committed to our constitutional obligations, to protect the rights and property of our citizens, who enjoy constitutional guarantees and fundamental freedoms, which are underwritten by our judiciary. We are also a country of laws and the rule of law must be upheld,” she said.

The spokesperson also declined to respond to the repeated queries with regard to the long delay in Pakistan- IMF deal, saying that the matter relates to the Ministry of Finance, which is taking the lead on the negotiations with the IMF.

To the reports that Afghanistan interim government is shifting the TTP to northern Afghanistan, she said that she would not like to go into specifics on this particular issue, adding that Pakistan is engaged with the Afghanistan interim government on the serious concerns that it has about the menace of terrorism.

“Our regular engagement is an ongoing process. All aspects of countering this menace remain under discussion between the two sides. Besides, it is not appropriate for us to make comments on any such media statements. We look forward to working closely with the Afghan side to counter the terrorist threat,” she added.

To another question, she said that Pakistan and the European Union have a robust dialogue of cooperation and it is multifaceted and it includes climate change, food security, green technology and sustainable development, and it also includes labour mobility.

“We are engaged with the European Union to ensure that there are legal pathways for migration and the two sides have developed certain mechanisms under this framework,” she added.

She further stated that Minister of State for Foreign Affairs Hina Rabbani Khar is undertaking a visit to Europe to hold consultations on a range of matters, adding that GSP Plus is also part of the agenda of her conversations with the European counterparts.

Asked whether there is any coordination between Pakistan and India with regard to the cyclone that is off the coast of Karachi, she said that there has been no contact with the Indian authorities. About the incident of a boat wreck off the coast of Greece, she said that the initial reports from Pakistan’s Mission suggest that no Pakistani casualties have been reported.

“We continue to follow the developments in this case, and will keep the media updated,” she added.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Tulukan Mairandi Jun 16, 2023 09:38am
A silly political gimmick. The oil was off loaded in Oman into 2 small ships then sent to Pakistan, incurring huge cost. It is very costly to off load 100,000 tons of oil into 2x 50,000 tons ships, then again repeat in Pakistan. Pakistan has not even paid Oman Ports, so the 2nd shipment of 50,000 tons has still not arrived. In addition, it is mixed with high grade sweet gulf crude for refining, unlike how they do it in India without mixing. The total landed cost is actually >$90/barrel.
thumb_up Recommended (0)
Shafiq Jun 16, 2023 10:02am
Too little too late...a ship worth of oil can not salvage any thing! Major oil companies are leaving Pakistan as crooks and the corrupt destroy Pakistan's economy according to an economic warfare script...
thumb_up Recommended (0)
Kashif ALI Jun 16, 2023 11:27am
Good to see that low-cost Urals-benchmarked Russian Crude oil has reached Pakistan. Many experts are not optimistic about the potential reduced price of refined petroleum products, extracted from this Crude oil by PRL. I am unable to find any answer or comment regarding cost of production of Furnace oil. When this Crude oil is processed, it is said that 50% will be left over after whole refining process. That is, the leftover is what we call FO or RFO. Will this RFO not be available at much cheaper prices then? If so, will its usage in Power generation not reduce the cost of Power generation per unit? Regarding Ullage constraint, current 200,000 barrels of FO is available. KAPCO has considerable storage capacity of HSD and HSFO. KAPCO contractual life is over, but not technical one. Can't this extra FO be stored at KAPCO and if needed, KAPCO may be run on furnace oil. Combined Cycle Power Plants are critical for System reliability too.
thumb_up Recommended (0)