The coalition government plans to import one-third of Pakistan’s total crude oil requirements from Russia, according to media reports on Friday.
The coalition government plans to import one-third of Pakistan’s total crude oil requirements from Russia, according to media reports on Friday, as Pakistan waits for its shipment of discounted Russian crude oil.
The government has finalised a comprehensive energy security agreement with Russia, which would cover various aspects of the nation’s energy supply, the state minister revealed to journalists after attending an event in the city. We want to establish a similar energy corridor with Central Asia as we do with the Gulf nations, according to Minister.
He insisted that this would lower energy costs nationwide and aid in the growth of industrial clusters and value additions in the agricultural industry.
Minister refused to reveal the commercial deal when asked about the discounted price of the imported Russian crude oil, citing contractual obligations.
The minister stated that in order to reduce the cost of petroleum products for domestic consumers, the government intends to import 18–20% of its crude oil imports from Russia. He claimed that the agreement with Russia had been transparently structured within four to five months and would ease the burden on the general populace.
Minister also stated that a comprehensive energy security agreement, which would specify where crude oil and LNG would be taken, how it would be transported within the nation, and how it would be supplied to consumers, would be finished by the end of this year.
He claimed that in addition to other nations and areas, this agreement would cover imports of energy from Russia and the Central Asian States.
The minister stated that Pakistan’s entry into the global value chain and new investment were goals of the government. Pakistan, he claimed, is a responsible nation and a gateway to Central Asia. In order to fully realise Central Asia’s energy and gas potential, he said, “We want to tell the world that Pakistan is the way.”
Minister stated that the national refinery policy, which will bring $10 billion in investment to the refining industry, has also been finalised by the government. Prime Minister will launch a $10 billion investment plan very soon, but the specifics aren’t yet available, he said.
He continued by saying that Pakistan also wanted the gas pipeline project with Iran to be completed and that action would be taken with the international sanctions on Iran in mind. To stop the smuggling of oil from Iran, the government is also strengthening border region enforcement. “The flow of smuggled oil will reduce in the coming days,” he predicted.