ISLAMABAD: Minister of State for Petroleum Dr Musadik Malik said Pakistan would sign an agreement with Russia in March to get inexpensive crude oil besides ‘Holistic energy security plan’ by year-end, which would be beneficial for both countries.

“In March, all commercial terms of agreement will be finalised with Russia, following which low-cost crude oil will start arriving in Pakistan. It will be beneficial for both countries,” he said while addressing news conference here.

Besides, Minister said ‘Holistic energy security plan’ between Pakistan and Russia would be completed by year end, encompassing Liquefied Natural Gas and piped gas and other petroleum products.

He said there was another agreement under which Pakistan would be able to buy spot LNG cargoes from two companies identified by Russia, during next winter season.

He said this year government, under dynamic leadership of Prime Minister Shehbaz Sharif made an effective winter-gas management plan that helped ensure better supply to domestic consumers as compared to last 10 years.

He said there was no doubt that gas consumers faced difficulties due to gas shortage and low-gas pressure, but government made utmost efforts to minimise their sufferings.

He said government was making all-out efforts to ensure availability of cost-effective fuel throughout year so that wheel of national economy could be moved at faster pace.

Published in The Daily National Courier, January, 27 2023

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