Islamabad expects to receive its first batch of oil from Russia in a week and is ready to increase supplies, provided the price is affordable. The Dawn newspaper reported this on Wednesday night, citing Pakistani State Oil Minister Musadik Malik.
"Importing oil from Russia is not a mere promise, it's not just talk. The ships have already reached Oman, and the supply of cheap Russian oil to Pakistan will start in a week," the newspaper quoted the minister as saying.
Asked whether Pakistan was ready to increase imports, the minister said, "if we get a cheap source of energy, we will go for it.
He stressed that one ship of oil wouldn't make a difference on fuel prices, "but once supplies become regular, prices would gradually decrease." As the newspaper explains, Pakistan faces chronic energy shortages, and imports 84% of its petrochemicals, largely from Saudi Arabia and the United Arab Emirates. Oil imports from Russia are part of Islamabad's strategy to reduce fuel shortages.
In January, Pakistani and Russian government representatives reached a conceptual agreement on Russian oil shipments and agreed to discuss logistics, insurance, payment and export volumes before the shipments began. Pakistan expects imports from Russia to meet up to 35 percent of its future oil needs.
GSV "Russia - Islamic World"
Photo: Kevin Casper/СС0
Based on materials from TASS