ISLAMABAD: Pakistan would hopefully start receiving oil from Russia at cheaper prices by the coming April and modalities have been finalised in this regard, Petroleum State Minister Musadik Malik informed the upper house of the parliament on Friday.

The negotiations with Russia over the provision of oil at cheaper prices were finalised in 45 days, the minister told the Senate session, presided over by Chairman Sadiq Sanjrani.

Following these negotiations, an initial agreement was arrived at, the minister said, adding that a joint declaration was issued after successful negotiations between the two sides.

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

Russia has assured that it would provide oil to Pakistan at prices cheaper than it was offering to other countries, he said.

The commercial aspect of the oil deal between Pakistan and Russia would be finalised by next month (March), Malik said.

Moscow has also assured Islamabad that its petroleum products would reach here between 20 to 21 days, he stated, adding that talks with Russia for trade in different fields were also underway.

The oil agreement with Russia will help Pakistan meet its 20 percent crude oil import requirements, the minister said.

Malik said Pakistan cannot directly purchase oil and gas from Iran keeping in view sanctions imposed on the latter. Instead, he said, the focus is on promoting barter trade with Iran. Liquefied petroleum gas (LPG) is brought to Pakistan from Iran through barter trade, he added.

Speaking on the floor of the house, Power Minister Khurram Dastgir said, the federal government is bringing a policy on solar energy for the provision of cheaper electricity to the consumers using this technology.

The government, he said, intends to introduce solar energy as an alternative to fossil fuel.

Copyright Business Recorder, 2023