On Friday, Minister of State for Petroleum Musadik Malik said that Pakistan and Russia had reached an agreement on the oil export timeline in late March. They have mutually agreed to finalize the deal structure for the oil and gas sector by March 2023. He also said that Pakistan hopes to import 35% of its total crude oil demand from Russia. According to the joint statement of the 8th meeting of the Pakistan-Russia Inter-Governmental Committee on Trade, Economic, Scientific and Technological Cooperation, Pakistan and Russia will finalize the trade structure of trade in the oil and gas sector by March 2023. They mutually agreed.
Details:
Minister of State for Petroleum Musadik Malik confirmed on Friday that Pakistan would start importing crude oil from Russia in March this year to prepare energy needs in the summer. His statement was made while the annual meeting of the intergovernmental committee between Pakistan and Russia ended today after three days of negotiations between the Russian delegation and the Pakistani authorities. Russian Energy Minister Nikolay Shulginov led a Russian delegation to Pakistan months after the South Asian country’s officials visited Moscow to discuss oil and gas imports.
Crude oil needs from Russia:
Musadik Malik said Pakistan wants to import 35% of its total crude oil demand from Russia. He also shared that Russia is currently unable to supply liquefied natural gas (LNG) to Pakistan due to previous commitments. Meanwhile, the Russian minister said that Pakistan would pay the cost of buying energy in the currency of friendly countries.
“Both sides have agreed to share information on the expansion and development of rail and road infrastructure within the framework of their goals of strengthening regional integration and Eurasian connectivity,” the statement said. Also, during the three days of negotiations, it was decided that creative business practices such as trade exchange should be carried out. They also agreed to investigate this possibility further.
The following documents were also signed during the session:
- Agreement regarding cooperation and mutual assistance in customs matters.
- Protocol on the exchange of documents and data on the customs value of goods transported.
- Operating agreement on the airworthiness of aeronautical products.
Based on the discussions and decisions of the 7th IGC, the 8th session took the process forward and explored ways of further cooperation. In addition, Pakistan and Russia have decided to strengthen cooperation in trade and investment, energy, telecommunications, transport, higher education, industry, railways, banking, finance, customs, agriculture, science, and technology.
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