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.

Credit : Independent News Pakistan-INP