Federal Minister for Petroleum, Musadik Masood Malik, clarified on Wednesday that Pakistan has not reached any agreement regarding the purchase of crude oil from Russia, despite ongoing negotiations. His statement came after media reports suggested an agreement had been finalized.
Malik explained that recent discussions to procure oil from Russia, through a public sector company, had not resulted in a formal deal. While there had been an initiative to import oil via a subsidiary, the plan ultimately fell through.
He emphasized that the government’s goal is to provide oil to refineries at international market prices. After the first cargo, Pakistan Refinery Limited (PRL) did not place further orders for Russian crude due to a surplus of Liquefied Natural Gas (LNG) in the country. Consequently, no new oil cargoes are being sourced from any nation at this time.
Malik confirmed that negotiations with Russia are ongoing but reiterated that no official agreement for additional crude oil cargoes has been made. “We will continue talks, but as of now, no new cargoes will be taken apart from the previous agreements,” he stated.
On a related issue, Malik revealed that Pakistan had postponed five LNG cargoes from Qatar and that discussions are underway to prevent further LNG orders from Qatar in the coming year. He also highlighted the government’s efforts to deregulate petroleum product prices, a move expected to lead to immediate price reductions for the public.
Furthermore, Malik pointed out that international LNG prices have decreased due to an oversupply, a trend that could benefit the domestic market in the near future.-
