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Russian Team to Visit Today for Oil Negotiations

The energy minister of Russia heads delegation for Pakistan oil talks.

The delegation, which comprises of 80 people, will have bilateral discussions on the much-touted flagship $3 billion Pakistan Stream Gas Pipeline (PSGP) project as well as the long-term trade treaty for oil and liquefied natural gas (LNG).

It will arrive in Pakistan for three days of bilateral discussions as part of the IGC session, which will take place from January 18 through January 20.

Views on cooperation in oil and gas production, hydropower, renewable energy sources, electric power, and other topics will be discussed between Islamabad and the Kremlin.

Pakistan’s ability to negotiate transactions at a 30% discount would allow the nation to save over $2 billion every year despite its financial difficulties.

The discussion of subsidise oil comes at a time when Pakistan is having difficulty supplying its LNG demands as its gas reserves are diminishing by as much as 10% annually and its ability to buy biofuels is over limit by its depleting foreign exchange reserves.

Musadik Malik, the state minister for petroleum, disclosed last month that Russia has agreed to supply crude oil at a reduced cost. This development may lower Pakistan’s import expenses for energy.

In order to sign the contract to purchase crude oil, gasoline, and diesel at a reduced price, Malik indicated at a news conference that an intergovernmental delegation headed by the Russian energy minister would visit Pakistan the next month.

He omitted details like the discount provided by Moscow or the timeline for Islamabad’s ability to buy Russian petroleum products.

As per him, the discounted pricing will be the same as the rate being provided to other nations around the globe.

 

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