Minister says no deal with Russia on import of crude oil
Business
Says reports of importing crude from Russia on discounted rate are false
ISLAMABAD (Web Desk) - Pakistan’s Petroleum Minister Musadik Malik on Wednesday clarified that Islamabad had not reached any agreement with Moscow to import crude oil from Russia at a discounted rate.
The minister was rebutting a media report, which claimed that Islamabad and Moscow have agreed to restart their crude oil trade from January 2025.
The report said that the deal between the two sides was reached during the recent 9th Inter-Governmental Commission meeting in Moscow.
As per the deal, the Pakistan Refinery Limited (PRL) would import one cargo each month under the government-to-government arrangement, the report said.
“The reports of importing crude from Russia on the discounted rate are false,” Malik told reporters at an informal briefing. “No deal is reached with Russia regarding import of the crude oil.”
Meanwhile, in a letter addressed to the Pakistan Stock Exchange (PSX), the PRL also rejected the news report.
“We would like to clarify that no such agreement has been made,” it said. “We remain committed to transparency and will keep our stakeholders informed of any developments directly through our official channels.”
Separately, Malik said the government was pursuing an investment from Saudi Arabia for around $8-$10 billion for a greenfield refinery project, adding that a feasibility report for it would be available by the end of this month.
