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Pakistan to Bring In Russian Crude from April

OIL
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Pakistan will start importing Russian oil in early April, the Minister of State for Petroleum Musadik Malik said.

  • In January, government representatives from Pakistan and Russia reached an agreement on Russian oil supplies and agreed to negotiate logistics, insurance, payment and export volumes before their start.
  • Pakistan has been battling a balance of payment crisis with tumbling foreign exchange reserves pricing it out of energy markets. It views discounted Russian barrels as key to combating soaring energy costs.
  • It is also planning to import Russian gas.
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Pakistan will start importing Russian oil in early April, the Minister of State for Petroleum Musadik Malik said.

  • In January, government representatives from Pakistan and Russia reached an agreement on Russian oil supplies and agreed to negotiate logistics, insurance, payment and export volumes before their start.
  • Pakistan has been battling a balance of payment crisis with tumbling foreign exchange reserves pricing it out of energy markets. It views discounted Russian barrels as key to combating soaring energy costs.
  • It is also planning to import Russian gas.