According to the minister, all preparations for the oil accord with Russia are now complete.
According to Malik, Russia may provide Pakistan with a greater discount than it does other countries.
ISLAMABAD: State Minister for Petroleum Musadik Malik declared on Saturday that all necessary steps had been taken to finalise the arrangement to buy cheap oil from Russia.
Malik stated that the full delegation, including the Russian Energy Minister, was scheduled to visit Pakistan when speaking about the arrangement with a private television channel.
“Serious conversations are ongoing with Russia, and delegations won’t travel until all necessary preparations have been made,” he continued.
Malik insisted that Pakistan would receive a discount from Russia that would be either on par with what it was now offering to other nations or possibly higher.
He added that the ministry would do all possible to resolve the situation in Pakistan’s best interests.
“After meeting with oil refineries, we spoke with Russia. The contract is ready, but we cannot comment before it is,” he stated.
Malik added that refineries are connecting the dam duty with investments in the policy, that they will invest the money saved from the levy, and that the government will routinely audit them.
He added that “our refineries produce more furnace oil which has no market anywhere,” thus it is in the “interest of our country to invest money in innovation and upgrading of refineries.”
Malik and the petroleum secretary represented Pakistan in the earlier online meeting with Russia.
The sources further stated that representatives of the Russian energy ministry argued their position in the internet debate.
The Russian officials, according to the sources, informed the other side of their intention to visit Pakistan on January 19 and 20 to discuss additional details on the purchase of crude oil and petroleum products.
Days after he had led a government delegation to Moscow to clinch the arrangement, Malik had stated at a news conference in December of last year that Russia would sell crude oil to Pakistan at a reduced price.
He continued by saying that Russia would also give Pakistan discounted gasoline and fuel. The cost of the discounted Russian oil, however, had not been disclosed by the state minister.
