Next week, the Pakistani government will engage in discussions with Moscow to explore a long-term arrangement for the reduced import of crude oil from Russia.
This move comes as Pakistan aims to diversify its energy sources at more affordable rates. A delegation from Pakistan, led by interim Energy Minister Muhammad Ali, will participate in the Russian Energy Week 2023 event in Moscow from October 11 to 13.
Talks will revolve around securing Russian oil supply at a fixed rate of $60 per barrel, with discussions also encompassing LNG imports and the Pakistan Stream Gas Pipeline (PSGP).
The collaboration stems from a government-to-government agreement signed earlier this year to enhance Pakistan's energy import options. This agreement has already resulted in significant imports of crude oil and liquefied petroleum gas (LPG) from Russia.