Minister claims Russia Ready to Provide Oil at Discounted Rates
Petroleum minister claimed on Monday that Russia had agreed to provide oil at discounted rates.
Minister of State for Petroleum Musadik Malik said during a press conference.Furnace Oil Prices in Pakistan down up to Rs 15,000 per ton
He added that negotiations with Russia were very positive regarding oil and gas supplies.
He said that the response of Russia during the visit was better than Pakistan’s expectations.
When asked how Russia’s visit was successful regarding oil supplies and in what currency has Russia agreed to give oil?Oil Prices to Remain Steady from Nov 1, 2022
Russia will give us crude oil at a discount, Malik said, adding that they had a decisive discussion with Russia on the supply of crude oil at discounted rates.
Russia will give us a discount on refinery products, petrol and diesel, Malik added in a press conference.
Keeping the country’s interest in view, Malik said that the government would solve all the problems in the energy sector.
He also added that talks were held with Russian companies regarding the LNG sector, Malik said adding that Russia has invited us to start contracts for 2025, 26.
Now there will be government-to-government talks, Mossadegh Malik said adding that along with the private sector, Pakistani side also discussed Russia’s public sector for LNG imports.
Malik added that they had also positioned discussions regarding the gas Pipeline with the Russian side.
However, Malik said that Russia side was asking some concession ragerding pipeline project.
He added that a Russian delegation would visit Pakistan in January next year.
The visit to Russia was very important because the Prime Minister had clearly said to provide jobs to every youth.
The Prime Minister said that the factories should not be closed and the government wants Pakistan to be self-sufficient in every sector.
Every child of ours should have a job.
We have to fulfill this vision. The minister said that the country required energy to feed the economy.
To give employment to children, we have to increase energy supplies by 8 to 10 percent every year, said Malik.
We need energy for development and now we are taking steps to increase energy supplies, Masadek Malik said adding that indigenous gas is drying up by 8 to 10 percent every year.
Despite the increase in demand compared to last year, gas supply continues and the two companies have strict guidelines to ensure gas supply, Malik said, adding that gas demand has increased and gas utilities are continuously monitoring the supply.
Iran has announced an additional supply of LPG to Pakistan which would start in December and January.
He said that Pakistan and Iran had finalized the initial principals and two sides had to make a decision on remaining thre to four points which would be finalized soon.
Two sides have also to decide currency to pay for LPG, he said adding that all these things will be done in the form of agreements soon.
