Pakistan expects breakthrough in discounted oil deal with Russia
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Pakistan is poised to initiate negotiations for the acquisition of additional discounted Russian oil in the near future, with authorities harboring optimism about securing a long-lasting agreement.
According to sources within the energy ministry, a Pakistani delegation is scheduled to embark on a trip to Russia on October 9. During this visit, the delegation aims to engage in discussions regarding the potential establishment of enduring contracts encompassing both oil and gas transactions.
In this forthcoming negotiation, Pakistan is anticipated to propose a pricing point of $60 per barrel for Russian oil. This proposition will be crafted with meticulous consideration of price ceilings that have been enforced by the United States and various other nations.
Should an accord materialize from these discussions, Pakistan could realize substantial cost savings, estimated at approximately Rs10,000 per barrel, in its oil imports. This substantial reduction translates to an approximate difference of Rs60 per litre, signifying a potentially transformative economic benefit for the nation.
In summary, Pakistan is preparing to commence talks aimed at procuring more discounted Russian oil with the aim of solidifying a long-term partnership. The delegation's trip to Russia on October 9 will facilitate negotiations concerning both oil and gas transactions. The proposed price point of $60 per barrel for Russian oil will be influenced by global price constraints. If successful, this agreement could lead to significant cost savings for Pakistan's oil imports, with the potential to reshape the nation's economic landscape.
