Pakistan Explores option of barter trade with Russia for oil Import

Islamabad: Pakistan has explored the option of barter trade with Russia, exchanging goods for oil to avoid US sanctions.

The Petroleum Minister shared the current state of refineries in Pakistan, highlighting the need to configure them for importing Russian crude oil.

The meeting also explored barter trade with Russia, exchanging goods for oil, as suggested by the Ministry of Foreign Affairs. Russia’s support for investing in Pakistan’s refinery was discussed, with the possibility of increasing Russian oil supply upto ten million tonnes.

A high-level meeting chaired by Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, was held to discuss proposals presented by Russian President Vladimir Putin to Prime Minister Shehbaz Sharif. The meeting aimed to enhance Pakistan’s cooperation with Russia in various sectors.

The meeting was attended by senior officers from Ministry of Foreign Affairs, Ministry of Science and Technology, Minister of Commerce, representatives from the Engineering Development Board (EDB), State Bank of Pakistan, and Pakistan Railways. Minister Ahsan Iqbal emphasized the need for a comprehensive roadmap to cooperate with Russia, examining Russian proposals and identifying relevant areas for collaboration.

He stressed that any proposals must be doable, with completed homework, providing substantial import savings or guaranteeing exports to avoid currency devaluation.

The meeting discussed the master energy plan, involving Russia as a subset, and the need for a pre-feasibility study on refining petroleum.

In the realm of infrastructure, the meeting touched upon the Quetta-Taftan railway project, with Russia showing support for its development. The Secretary of Railways shared details of the joint working group formed with the Russian Vice Minister for Transport. Minister Ahsan Iqbal inquired about the terms for upgrading railway infrastructure, including potential loans or investments from Russia.

The Secretary of Railways assured that feasibility studies and project details would be shared with Russia, leading to a contract signing between the railway ministries of both countries.

This meeting marks a significant step towards strengthening Pakistan-Russia cooperation in energy, trade, and infrastructure, paving the way for mutually beneficial collaborations.