Russia offers oil to Pakistan at discount
Pakistan has for long been trying to get access to cheaper Russian oil.
On Monday, Minister for State on Energy (Petroleum Division) Musadik Malik finally announced that a Russian ministerial delegation is scheduled to visit Pakistan in January 2023 for further negotiation on the commercial agreement on the import of petrol, diesel, and LNG at discounted rates.
He said his recent visit to Russia was successful as Moscow agreed to supply both crude and refined petrol, diesel, and LNG at discounted rates, at a time when the world was witnessing a shortage and high premier on diesel.
The delegation — comprising State Minister for Petroleum Musadik Malik, Secretary Petroleum Captain (retired) Muhammad Mahmood, joint secretary, and officials of the Pakistan Embassy visited Moscow.
The minister rejected reports that suggested that Pakistani delegation had asked their Russian counterparts for a 30-40 percent discount on crude oil, a demand turned down by Moscow, which said it could not offer anything right now as all volumes were committed. “It is incorrect as the dialogue with Russian on import of oil is successful,” he said.
If the deal goes ahead, Pakistan stands to win on account of a number of factors — including a lower import bill, which would reduce the current account deficit and reduce pressure on depleting foreign exchange reserves. It will also help the government tame inflation, which is treading above 20 percent since June, and pass on some savings impact to the consumer.
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