Minister of State for Petroleum Dr Musadik Malik said on Thursday that Pakistan is open to trade with Russia in any currency and it will make the decision once an agreement is finalised in March.

Addressing a press conference, he stated that the government will implement a holistic energy plan by the end of this year.

“Crude oil, LNG, gas, petrol and other fuels will be included in this strategy and it is expected to boost Pakistan’s energy security and supply of fuels at affordable prices,” he said.

US has no objection to Pakistan importing Russian oil: Price

According to Malik, the import bill would fall after the implementation of the plan since “Pakistan will be purchasing discounted energy”.

The deal will be finalised very soon, he announced.

He indicated the plan would be completed through agreements with two Russian energy firms.

Pakistan will pay for Russian energy purchases in currency of friendly countries: Russian official

“For the time being, Russian firms don’t have gas to export to Pakistan but the government has asked us to enter into agreements with two energy firms in Russia to ensure the supply of LNG for the next winter season.”

The minister of state also said that Pakistan is aiming to enhance energy security and investment in the country and “aiming to bring an investment of $10-14 billion in the refinery sector.”

He stressed that details of the investment will be shared once the documentation is signed “however, we are on our way to enhancing investment.”

Russian energy minister concludes visit to Pakistan

On January 20, Russia agreed to export oil to Pakistan at discounted rates and allowed Islamabad to pay for crude oil purchases, in currencies of friendly countries.

The supply of oil is likely to begin in late March.

Russia to provide crude oil to Pakistan at discounted rates: Musadik Malik

“We have agreed that the payments will be made in the currencies of friendly countries,” said Russia’s Energy Minister Nikolay Shulginov at a joint news conference with Pakistan’s Economic Affairs Minister Ayaz Sadiq.

He did not specify the ‘friendly countries’ and neither of the two ministers gave details on the size of the planned purchases.

Malik separately said Islamabad wants to import 35% of its total crude oil requirement from Russia.