Pakistan Refinery Limited (PRL), a subsidiary of the Pakistan State Oil Company Limited (PSO), denied reports suggesting that the company has agreed to import Russian crude oil at discounted rates.

The refinery informed stakeholders of this development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“PRL wishes to address recent news reports suggesting that we have agreed to import Russian crude oil at discounted rates.

“We clarify that no such agreements or commitments have been made by PRL to import crude oil from Russia,” read the notice.

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The statement comes amid local media reports stating that Pakistan has agreed to import crude oil from Russia at a discounted rate, following an agreement made during the Inter-Governmental Commission (IGC) meeting in Moscow.

Meanwhile, Federal Minister for Energy Sardar Awais Ahmed Khan Leghari is leading the Pakistani delegation at the plenary session, of the 9th Inter-Governmental Commission between Pakistan and Russia.

Pakistan has been in discussions with Russia regarding importing crude oil at discounted rates, especially as the global energy market faces volatility due to geopolitical tensions and shifting trade dynamics.

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Back in September, Pakistan’s biggest oil refiner Cnergyico announced it bought Black Sea CPC Blend, marking the country’s first import of this grade.

CPC Blend is a light grade of oil from Kazakh and Russian producers which is loaded for export from Russia’s Black Sea port of Yuzhnaya Ozereyevka and is largely used to produce gasoline for cars or petrochemicals.

“We have purchased CPC Blend crude oil … CPC Blend crude oil produces more motor gasoline and lower fuel oil than Urals, which adds to its suitability,” a Cnergyico spokesperson said back then.