ISLAMABAD (December 4, 2024)– Pakistan and Russia are actively negotiating the structure of a deal for the import of Russian oil by Pakistani public sector companies. This development comes amid concerns about potential secondary US sanctions on payment mode, Pakistani Petroleum Minister Musadiq Malik told media on Wednesday.
He said he could not disclose the price of oil from Russia, howevers, deal structure involve, insurance, re-insurance, shipping line, size of the ship as our seaports not cater big ships.
In first tenure of Pakistan Democratic Movement (PDM), it was decided to import Russian oil through establishing special purpose vehicle (SPV) by public sector company and payment would be made in Chinese currency, however, caretaker government amended the framework of policy to import oil from Russia, the minister explained.
He said Pakistan State Oil (PSO)’s refinery PRL imported a cargo of oil from Russia but later caretaker decided not to import through public sector company but private sector is importing the oil.
In another other question, he said that 34 MOUs have been signed with Saudi Arabia worth $2.8 billion and seven agreements were signed.
He further said that five LNG cargos schedule for next year (2025) from Qatar under long term agreements were cancelled and negotiation was underway to deferred five more cargos to address surplus LNG in the country. ends
