Asghar Ali Mubarak
ISLAMABAD
Pakistan Minister of State for Petroleum Musadik Malik has said that an agreement has been to buy crude oil from Russia.
In a conversation with a private TV channel, Malik said that “Pakistan has reached a landmark deal with Russia, and the latter will supply Pakistan with oil at a 30 per cent discount rate
Russian oil
Earlier in late November, Malik visited Russia and later on December 5 announced that Russia has agreed to supply crude and usable oil to Pakistan at a discounted price.
The state minister had said that matters related to the formal purchase of oil from Russia were being finalised and hoped that the supply of oil will start after the agreement was reached next month.
He said that the Russian energy minister will visit Pakistan in January 2023, and Pakistan will have bought the first shipment of Russian oil by February or March.
The state minister said that inflation would decrease in the country after purchasing Russian oil, and the people would get relief.
He refuted former prime minister Imran Khan’s claim of buying cheap oil from Russia, saying there was no proof lending credence to the claim.
Malik said that Russia has agreed to provide oil at discounted rates. He said negotiations with Russia were very positive regarding oil and gas supplies.
He said that Russia would give Pakistan crude oil at a discount and they had a decisive discussion with Russia on the supply of crude oil at discounted rates.
The state minister said that the response from Russia during his visit was much higher than Pakistan’s expectations.
He said that the government would solve all the problems in the energy sector. He said they also discussed the laying of the gas pipeline with Russia, which has asked for some concessions regarding the pipeline project.
The minister said that the country required energy to feed the economy and “we have to fulfill this vision.”
He said that “we need energy for development and now we are taking steps to increase energy supplies,” he said adding that indigenous gas was drying up by 8 to 10 per cent yearly.
He said that despite the increase in demand compared to last year, gas supply continues, and the two companies had strictly been issued guidelines to ensure the gas supply.
Gas supply from Iran
The state minister said that Iran had announced an additional LPG supply to Pakistan, starting in December and January 2023.
He said that Pakistan and Iran have finalized the initial principles and the two sides had to decide on the remaining three to four points, which would be completed soon.
