ISLAMABAD: According to a report published in The News on Thursday, Russia stated that it was unable to offer Pakistan a discount of between 30 and 40 percent on Russian crude oil because all volumes were already committed.
During negotiations in Moscow, the Pakistani delegation, which included joint secretary Musadik Malik and representatives of the Pakistan Embassy in Moscow, requested a discount.
Despite the fact that there was no conclusive outcome to the talks, the Russian side promised to take Pakistan’s request into consideration and to communicate its decision later via diplomatic means.
However, sources claimed that Russia is able to offer crude at the rates it is offering to its large client nations, which have stable economies and are reliable when the time is right. They stated that all volumes are currently committed to major buyers.
Key Points:
- Russia says it could not offer anything right now as all volumes were committed.
- Russian side promises to consider demand of Pakistan.
- Sources say Russia can offer crude at rates it is providing to its large client countries.
The Russian side pleaded with Pakistan to first uphold its commitment to the Pakistan Stream Gas Pipeline, a major project that would run from Karachi to Lahore, Punjab.
During the talks, Pakistan expressed its desire to alter the PSGP project’s model. The Russian side claimed that the GtG arrangement’s project model had already been finalized, with the exception of a few clauses of the shareholding agreement.
The official Pakistani delegation left for Moscow on November 29 for a three-day visit to discuss the possibility of importing crude oil at a reduced price, as well as the payment method and shipping costs.
Russian crude oil can be processed in Pakistan’s refineries, according to sources from the industrial ministry, and one private refinery has previously delivered finished goods using Russian crude oil.
Report Originally Published The News
