Pakistan-Russia oil deal talks commence next week

Islamabad: Pakistan and Russia are gearing up for crucial negotiations next week, poised to discuss potential agreements on affordable oil and gas imports.

Sources within the Ministry of Energy have confirmed that a Pakistani delegation is scheduled to embark on its journey to Russia on October 9.

The talks will primarily revolve around Pakistan's proposal to procure oil from Russia at a competitive rate of $60 per barrel.

This initiative aims to address Pakistan's energy needs while ensuring cost-efficiency.

Additionally, the negotiation agenda includes the exploration of a long-term liquefied natural gas (LNG) import agreement, projected to commence in 2026.

Importantly, Pakistan remains committed to abiding by international sanctions and maintaining compliance throughout the negotiation process.

In the event of a successful agreement, Pakistan stands to gain substantial benefits, potentially securing access to affordable oil at the rate of Rs10,000 per barrel.

This development follows Russia's recent provision of liquefied petroleum gas (LPG) to Pakistan.

In September, Pakistan received a substantial shipment of 100,000 metric tons of LPG gas from Russia, marking a significant milestone in their energy cooperation.

The delivery, confirmed by the Russian Embassy and reported on social media, was facilitated through Iran's Rukhs Special Economic Zone, representing the fruitful collaboration among the nations.