ISLAMABAD: State Minister for Petroleum, Musadik Malik Friday said that Pakistan wanted to import 35 percent of its total crude oil requirement from Russia.

Talking to journalists on the sidelines of a meeting with officials of Russia, following which the Pakistani state minister for petroleum said Russia would sell crude oil at a discounted rate. Pakistan has not traditionally been a major importer of Russian oil and gas.

Discounted oil: Russian delegation to reach Pakistan tomorrow

During the talks, both countries agreed that after consensus on the technical specifications was achieved, the oil and gas trade transaction will be structured in a way it has a mutual economic benefit for both countries.

The officials also agreed to strengthen energy cooperation, enhance energy trade and broaden energy infrastructure investment based on strategic and favourable commercial terms. Both sides have agreed to work on a comprehensive plan for energy cooperation which would form the foundation for future work and is to be finalised in 2023.

Copyright Business Recorder, 2023