Connect with us

Business

Russia offers blended crude oil to Pakistan

Published

2 years ago

on

  • Offer is part of 100,000 barrels per day crude oil supply.
  • Russian side says ready to work with Pakistani authorities.
  • Pakistan more interested in light crude oil to process it efficiently.

KARACHI: Russia has made an offered to provide blended crude oil to Pakistan as the country’s refining sector is not able to process crude oil of one specification, The News reported on Friday.

The Russian side made an offer during a virtual meeting held between the authorities on Thursday. The offer is a part of the 100,000 barrels per day crude oil supply.

The Pakistani side, led by State Minister for Petroleum Dr Musadik Malik, comprised senior officials of the Petroleum Division and representatives from the oil sector whereas the Russian side consisted of senior officials of the energy ministry and relevant departments.

Sources privy to the proceedings of the meeting told The News the Pakistani authorities told their Russian counterparts that the country needed crude oil, petroleum products, gas and investment in infrastructure.

The Russian side told the Pakistani authorities that they were ready to work with them and would further deliberate upon it when a delegation from Russia would visit Pakistan in the third week of January 2023.

They further said that Russia would supply 100,000 barrels of crude oil to Pakistan daily. However, the Pakistani authorities told them that the country’s refineries were hydro-skimming and processing light crude oil. They added that they would be more interested in light crude oil to process it efficiently.

The Russian authorities said that if the Pakistani refineries are not capable of processing one crude oil, they can provide them with blended crude oil.

The sources said that more discussion would be held when the Russian authorities would visit Pakistan next month.

The Pakistani delegation visited Russia at the end of November to hold talks on the supply of oil and gas at discounted rates.

After returning from Russia, Malik, addressing a news conference, said that Russia had agreed to supply crude oil. However, the rates and mode of payment were yet to be finalised, for which the Russian authorities would visit Pakistan next month.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

Published

2 days ago

on

By

The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

Continue Reading

Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

Published

2 days ago

on

By

The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

Continue Reading

Business

Discos report losses of Rs239 billion.

Published

2 days ago

on

By

When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

Continue Reading

Trending