Next month, Pakistan is set to engage in discussions with Russia, marking asignificant step in the nation’s efforts to diversify its energy sourcesand tackle the ongoing challenges posed by soaring petroleum productprices. Scheduled for October 10 to October 12, a high-level Pakistanidelegation will attend an energy conference in Russia. On the sidelines ofthis event, the delegation, led by Energy Minister Muhammad Ali, willengage in talks with Russian officials to explore avenues of energycooperation between the two nations.
Among the key topics on the agenda for the Pakistani delegation is theestablishment of a long-term arrangement for importing Russian crude oilinto Pakistan. Additionally, the delegation plans to discuss the supply ofliquefied natural gas (LNG) and delve into the North-South Gas pipelineproject. This upcoming meeting holds particular significance, as it marksthe first time that Pakistani and Russian representatives will convene toaddress energy sector matters since the initial consignment of Russiancrude oil arrived in Pakistan back in June of the same year.
The first shipment of Russian crude oil was handled by Pakistan RefineryLimited (PRL), which emerged as the sole refinery in Pakistan capable ofprocessing Ural oil. From this initial batch of Russian crude, PRL achieveda notable output, generating approximately 60 percent of furnace oil, 10percent of petrol, and roughly 10-15 percent of diesel. Regrettably, theimport of Russian crude oil failed to yield any noticeable relief in theoverall prices of petroleum products for consumers within Pakistan.
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In light of the ongoing challenges posed by high petroleum prices,Pakistan’s exploration of energy cooperation with Russia stands as astrategic move to diversify its energy sources and ensure a stable supplyof crude oil and LNG in the long run.
