Crude oil accord in March: Pak-Russia ‘holistic energy security plan’ by year-end: Musadik

ISLAMABAD: Minister of State for Petroleum Dr Musadik Malik on Thursday said Pakistan would sign an agreement with Russia in March to get inexpensive crude oil besides a ‘holistic energy security plan’ by the year-end, which would be beneficial for both countries.

“In March, all commercial terms of the agreement will be finalized with Russia, following which low-cost crude oil will start arriving in Pakistan. It will be beneficial for both countries,” he said while addressing a news conference here.

Besides, the minister said a ‘holistic energy security plan’ between Pakistan and Russia would be completed by the year end, encompassing Liquefied Natural Gas (LNG) and piped gas and other petroleum products.

He said there was another agreement under which Pakistan would be able to buy spot LNG cargoes from two companies identified by Russia, during the next winter season.

Dr Musadik Malik said this year the government, under the dynamic leadership of Prime Minister Shehbaz Sharif, made an effective winter-gas management plan that helped ensure better supply to domestic consumers as compared to the last 10 years.

He said there was no doubt that gas consumers faced difficulties due to gas shortage and low-gas pressure, but the government made utmost efforts to minimize their sufferings.

The minister said the government was making all-out efforts to ensure the availability of cost-effective fuel throughout the year so that the wheel of the national economy could be moved at a faster pace.

He said the government wanted to provide jobs to educated youth, improved health and education facilities for the common man by achieving the required pace of economic growth coupled with the availability of affordable energy.

He further announced that another contract with Russia for liquefied natural gas (LNG) to overcome the gas crisis will be signed next winter.

Musadik informed that the Russian energy minister has asked its two companies to sign contracts with Pakistan, adding that at least 20,000 tonnes of LPG have been procured through Sui Southern Gas Company (SSGC) and Pakistan State Oil (PSO).

It is pertinent to mention here that, last week talks were held between Pakistan and Russian officials in Islamabad for crude oil and LNG deal.



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