Russian crude oil due in Pakistan in two weeks, says minister
Import from Russia will result in reduced POL prices in market.
KARACHI: State Minister for Petroleum Mussadik Malik said today that Russian crude oil will be in Pakistan within about two weeks.
Talking to yo a TV channel, he said the coalition government was planning to import one-third of the country’s total crude oil requirements from Russia.
“We want to open an energy corridor with Central Asia like the one we have with Gulf countries.”
This would reduce the cost of energy in the country and would be helpful in the development of industrial clusters and value additions in the agriculture sector.
When asked about the discounted price of the imported Russian crude oil, Malik refused to disclose the commercial deal, citing contractual obligations.
The minister said the government’s objective is to import 18-20% of its total crude oil imports from Russia, with the hope that this move will substantially lower petroleum product prices for domestic consumers.
He said the deal with Russia has been structured transparently within four to five months and would be helpful in reducing the burden on the masses in the form of a reduction in oil prices domestically.
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