Pakistan could save over $2 billion annually if it buys crude oil and petroleum products from Russia. The Express Tribune reported this on Tuesday, citing official sources.
"Pakistan will save $2 billion annually if it pursues energy projects with Russia. Imports of Russian petroleum products will reduce pressure on Islamabad's foreign exchange reserves," the newspaper quoted the sources as saying.
According to them, oil refining companies in Pakistan are ready to receive crude oil, petroleum products and natural gas from Russia at a favorable price that would allow them to reduce payments for their supplies amid rising energy costs on the world market.
A delegation led by State Oil Minister Musadik Malik left for Moscow on Monday to negotiate the purchase of Russian oil. "It [the delegation] will discuss the possibility of a crude oil and petroleum products supply agreement with Russia, and if successful, a breakthrough in bilateral energy projects between Russia and Pakistan will be secured," The Express Tribune quoted sources as saying.
In October, Pakistani Finance and Revenue Minister Ishaq Dar said the Islamic republic was considering buying oil from Russia at the same price as neighboring India.
In addition, Pakistan counts on the practical implementation of the intergovernmental agreement on the construction of the North-South gas pipeline ("Pakistan Stream") with a length of about 1.1 thousand kilometers and a capacity of 12.4 billion cubic meters of gas per year, which Russia and Pakistan signed in October 2015.
GSV "Russia - Islamic world"
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Based on materials from TASS