Pakistan eyes Russian oil amid Hormuz crisis: Amb Tirmizi

ISLAMABAD: Pakistan’s Ambassador to Russia, Faisal Niaz Tirmizi, said on Tuesday that Islamabad planned to increase oil imports from Russia amid the ongoing crisis in the Strait of Hormuz, stressing that Pakistan was actively seeking alternative energy sources.

In an interview with Russian news agency TASS, the envoy said Pakistan imported nearly 90 per cent of its energy needs, largely from Gulf countries, making the Strait of Hormuz crisis a major concern for the country.

“We produce about 10% of the energy resources we need ourselves, while the rest is imported, mainly from the Persian Gulf countries. A serious crisis has arisen, and that is why we began to look for alternatives,” Tirmizi said.

He noted that demand for Russian energy resources had surged due to the uncertainty surrounding the strategic waterway and said Pakistan was also considering long-term regional connectivity projects involving pipelines from Central Asia and Russia to South Asia.

“We are now also considering building a pipeline from Central Asia and Russia at some point. This could mean connecting the Eurasian space through roads, railways, pipelines, humanitarian contacts and academic ties,” he added.

The ambassador described the situation in the Strait of Hormuz as a “worrying signal” for Pakistan and other countries dependent on Gulf energy supplies, noting that Russia remained a major global supplier of oil and energy resources.

Tirmizi said reopening the Strait of Hormuz had become the central issue in ongoing negotiations related to Iran. He pointed out that nearly 22 per cent of the world’s oil trade, along with LNG, fertilisers and raw materials for fertiliser production, passed through the vital maritime route.

He also highlighted the broader regional impact, saying around 30 million expatriates lived in Gulf countries, including millions of Pakistanis, Indians, Bangladeshis and workers from other Asian, African and Latin American nations whose remittances supported their home economies.

“In other words, a great many people live in this part of the world. Large volumes of remittances also flow from the Persian Gulf countries to these nations. Therefore, we will likely be able to bring this entire conflict to a peaceful settlement,” he told TASS.

The remarks come amid heightened tensions in the Middle East following attacks by the United States and Israel on Iran earlier this year and Tehran’s subsequent retaliation, including the closure of the Strait of Hormuz, which disrupted global oil supplies and triggered a sharp spike in international fuel prices.

Last week, the government increased petrol prices by Rs14.92 per litre and high-speed diesel by Rs15 per litre amid the ongoing fuel crisis linked to the Hormuz blockade.

It marked the second consecutive increase since April 30, when petrol prices were raised by Rs6.51 per litre and diesel by Rs19.39 per litre.

Earlier in April, petrol prices had surged to a record Rs458.4 per litre before Prime Minister Shehbaz Sharif announced an Rs80 per litre reduction in the petroleum levy, bringing the price down to Rs378 per litre.