ISLAMABAD: The terms of the draft commercial contract for the test oil cargo from Russia are under discussion between Pakistan, Russia and other stakeholders, members of a parliamentary panel were told, sharing the brief on prospects of long-term contracts of oil and gas import from Russia.

The Senate Standing Committee on Petroleum which met on Tuesday was apprised that upon successful execution of the test transaction, discussion will be initiated between both governments and stakeholders for the next supply arrangements.

An inter-governmental commission met in January 2023 to kick off a discussion on trade modalities, indicative volumes and product specifications and currently long-term crude oil import to meet a portion of Pakistan’s crude oil import requirements and LNG import to meet Pakistan’s rising gas demand are under consideration.

Pakistan all set to get discounted Russian oil

The inter-governmental agreement in the field of LNG was signed on October 13, 2017, and auto-renewal after three years and the Russian-nominated entity is Gazprom and Pakistan LNG Limited by the Pakistan side.

The committee had to suspend its discussion on “The Petroleum (Amendment) Bill, 2022” following the boycott of Members Committee over the long absence of the petroleum minister from the committee meetings and the alleged inappropriate attitude of the secretary petroleum.

The bill moved by the Petroleum Division was already passed by the National Assembly and waiting for the Senate Standing Committee on Petroleum.

Mohammad Abdul Qadir chaired the committee meeting.

Member Committee Aon Abbas asked the secretary to explain his statement why the minister wanted to appear before the committee in-camera and without the ministry’s officials. However, the secretary did not satisfy the member and suggested under the rules of business, he would address the chairman committee only.

This irked other members of the committee who were protesting the absence of the minister from previous meetings. Fida Muhammad said it was against the privilege of parliamentarians that a minister did not bother to come to the committee despite several requests.

Aon Abbas, Fida Muhammad, Shammim Afridi, and Prince Ahmed Umer Ahmedzai walked out of the committee and did not come despite the request of the chairman committee.

Copyright Business Recorder, 2023