ISLAMABAD: Minister of State for Petroleum Musadik Malik said on Friday that Russian officials had clearly told Pakistan that they would provide discounted crude oil at the same rates as other countries or even lower.
“We are taking talks [with Russia on crude oil] forward,” he said while addressing a press conference in Islamabad.
He said Russia had eight different types of crude oil of which two could be used by refineries in Pakistan. “Before leaving for Russia, we met [officials of these] refineries. PRL (Pakistan Refinery Ltd) informed us that it can use up to 50 per cent light crude oil of Russian origin.
“Parco (Pak-Arab Refinery Limited) said it can use up to 30pc. And Cnergyico said not only can it use the two light crude oils but also the other six crude oils.”
Malik said that as per the team’s discussions with Russian officials, Pakistan would be provided light crude oils at discounted rates which would reduce energy prices in the country.
Russia also said it would provide finished products — petrol and diesel — the rates of which would be decided when the Russian team visited Pakistan, he added.
“When the energy cost goes down, the cost of transport and manufacturing will go down … consequently, the price of every item in a shop will go down. This is the prime minister’s vision.”
In addition, Pakistan was about to sign a trade agreement with Azerbaijan on LNG after which Pakistan would have the capacity to buy any distressed cargo throughout the world at cheap rates.
Bilawal says Pakistan not ‘pursuing Russian oil’
Contrary to Petroleum Minister Dr Musadik Malik, Foreign Minister Bilawal Bhutto Zardari — who is in the US for a seven-day visit — has announced that Pakistan “is not pursuing or receiving” any discounted energy from Russia.
In an interview with journalists Amna Nawaz and Judy Woodruff on ‘PBS Newshour’ on December 14, the PPP chairman said: “As far as Russia is concerned, we aren’t pursuing or receiving any discounted energy, but we are facing an extremely difficult economic situation, inflation, pump prices.”
He, however, admitted that Pakistan was facing energy insecurity.
“We are exploring various avenues to expand our areas where we can get our energy from,” FM Bilawal said, adding that “any energy from Russia will take a long time for us to develop.”
