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Pakistan is Set to Import Russian Oil in March

In Islamabad, the Pakistan-Russia Commission decided on Russian oil.

On January 18–20, 2023, the Pakistan-Russia Inter-Governmental Commission on Trade, Economic, Scientific, and Technical Cooperation (IGC) convened its eighth session, during which this was decided on Russian oil.

Musadik Malik, the minister of state for petroleum, announced on Friday that Russia and Pakistan have decided to sell crude oil starting in late March.

He claimed that Pakistan aims to acquire 35% of its overall need for crude Russian oil.

Ayaz Sadiq, the Federal Minister for Economic Affairs of Pakistan, and Nikolay Shulginov, the Minister of Energy for the Russian Federation, served as its leaders.

Senior delegates from both sides, including Ministers and representatives, also addressed the session.

Working directly with Russian President Vladimir Putin and Prime Minister Shahbaz Sharif, both parties used the occasion to underline their dedication to a robust and extensive economic relationship.

Both parties concur that the oil and gas trading transaction will be set up so that both nations can profit economically if a consensus on the technical details is reach. By March 2023, the process must be complete.

After the debates and decisions of the seventh IGC, both parties moved the process further and looked for new opportunities for collaboration.

In the areas of commerce and investment, energy, communication, transportation, higher education, industry, railroads, banking and finance, customs, agriculture, science, and technology, as well as information technology, both parties agreed to further intensify and expand their cooperation.

In the aforementioned economic areas, which have significant potential for the socioeconomic growth of both nations, both parties saw and acknowledged favorable prospects for implementable and concrete projects.

The Commission decided that both sides’ relevant ministries and departments will strongly pursue this opportunity for shared prosperity.

On the basis of tactical and advantageous commercial terms, participants also committed to strengthening energy cooperation, improving energy trade, and expanding investment in energy infrastructure.

A “Comprehensive Plan for Energy Cooperation” that will serve as the framework for future work and completed in 2023 has agree to by both parties.

It was agree upon by all parties that the Pakistan Stream Gas Pipeline Project should be take into account as part of a complete construction that is economically viable for the development of a sustainable gas infrastructure that guarantees the availability of affordable gas.

The federal and provincial governments of Pakistan have urged the Russian side to consider potential projects, including PPP models, and have asked Russian businessmen to investigate these options.

With the use of an electronic verification system, both parties have resolved the outstanding concerns regarding the sharing of data on items’ certificates of origin.

They will now work to complete the aforementioned protocols by the end of May 2023.

In order to improve their mutual collaboration and talk about issues relating to connectivity and logistics in Central and South Asia, the parties decided to designate focal points from each side.

The parties also agreed to take the necessary steps to enhance their bilateral cooperation in science, technology, and higher education, particularly through academic connections, jointly conducted and significant research, training, development, and learning, and enhanced interest of Pakistani citizens in education in the Russian Federations.

Both parties agreed to further investigate the possibility after talking about creative business practices, including barter.

The two sides agreed to exchange information for creating and enhancing rail and road infrastructure in the framework of their shared goals of promoting regional integration and Eurasian connectivity.

During the meeting, the following documents were also sign:

Agreement between the governments of the Russian Federation and the Islamic Republic of Pakistan for cooperation and mutual aid in customs problems.

Protocol on the exchange of paperwork and information regarding the customs value of products shipped between the Islamic Republic of Pakistan and the Russian Federation.

Working agreement on aeronautical products’ airworthiness.

 

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