Islamabad: State Minister for Petroleum Musadik Malik said government cannot disclose its contractual terms of oil purchase from Russia, but assured that Pakistan is getting very good rates.

“I do not have liberty to disclose commercial terms of our contract with Russia, this is part of our contract,” said Malik, while addressing media persons here.

“However, I would challenge to divulge contractual terms of any country that is purchasing oil from Russia. So why Pakistan should be pressurised to disclose its terms. “However, we are getting very good rates, benefit of which would be transferred to public,” he assured.

He said that arrival of first Russian oil cargo in 75 years is major development. “In span of months, cargo of Russian oil reached Pakistan,” he said. “We have purchased 100,000 tonnes of Ural Oil from Russia, which is second lightest crude available. Samples of this crude were already tested to identify whether they can be utilised by our refineries.

“Now we have received cargo. After this, continuation of crude oil imports would begin from Russia. Our target is to meet one-third of our oil import needs from Russia and the discount would be passed on to consumers,” he said.

“Under contract, Central Asian country would provide Pakistan distressed LNG cargo on monthly basis. LNG price would be much lower than in international market,” he said.

“Under terms of contract, it would be Pakistan’s choice to accept cargo or not. However, Azerbaijan would be obligated to provide distress cargo on monthly basis,” he added.

Published in The Daily National Courier, June, 14 2023

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