KARACHI: In a bid to ensure cheap energy in the country, the government will import 100,000 tons of Russian crude oil every month.

The Minister of State for Petroleum, Dr Musadik Malik, while talking to reporters here on Saturday said that the government is making all-out efforts to ensure the supply of cheap energy in the country. He said Russian crude oil is cheaper than other oils in the global market. The State Minister said that the government is expected to sign an agreement with Azerbaijan to buy cheap LNG very soon. He said that the deal to buy cheap LNG would be made, keeping in mind the local demand and condition of the country’s foreign exchange reserves.

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He also announced that private sector is allowed to purchase cheap LNG for their industry. However, he made it clear that the private sector will not be allowed to resale the cheap LNG.

He said an agreement with Saudi Arabia for setting up oil refinery in Pakistan with the estimated investment of $10 billion is also expected soon.

Copyright Business Recorder, 2023


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