Minister of State for Petroleum Mossadegh Malik said that the coalition government aims to import one-third of the country’s total crude oil requirements from Russia.
Speaking to reporters after attending a function in Karachi, the Minister of State revealed that the government has finalized a comprehensive energy security agreement with Russia that will cover various aspects of energy supply in the country. will
Mossadegh Malik said that we want to open an energy corridor with Central Asia as with the Gulf countries.
He said that this will reduce the cost of energy in the country and help in the development of industrial clusters and value addition in the agriculture sector.
When asked about the concessional price for imported Russian crude oil, Mossadeq Malik refused to disclose details of the trade deal, citing contractual obligations. The budget is yet to be prepared, so I cannot tell how much the petroleum levy has been targeted.
Taking a jibe at former Prime Minister Imran Khan, Mossadegh Malik said the government believes in practical work and is not involved in “cypher waving” to hurt national interests. Cypher wavers are rumbling and asking for apologies. The sanctity of the country has been violated. Damaging state facilities, setting fire, is not tolerated under any circumstances.
The minister said that the government aims to import 18-20 percent of the total crude oil imports from Russia and this move will significantly reduce the prices of petroleum products for domestic consumers.
He said that the agreement with Russia has been made in a transparent manner in four to five months and it will help in reducing the burden on the public in case of drop in oil prices at the country level.
After Russia, Pakistan is also keen to complete the gas pipeline project with Iran. Consultations on the completion of the gas pipeline project with Iran are ongoing. Investments will be made in Pakistan from all over the world in the oil refinery sector.
The Minister of State further said that a new investment of 10 billion is going to be made in the petroleum refinery. I cannot tell the details at present, but the Prime Minister will inaugurate this project very soon.