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Russia to provide crude oil at discounted rates to Pakistan: Musadik Malik

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Russia also agreed to export petrol, diesel to Pakistan.Talks on key pipeline projects also made progress.Russia doesn’t have LNG right now, talks underway.

Minister of State (Petroleum Division) Musadik Malik Monday said Russia had agreed to provide crude oil as well as petrol and diesel to Pakistan at discounted rates.

“Our visit to Russia turned out to be more productive than expected,” Malik said addressing a press conference after the return of the Pakistani delegation from Russia, adding that a Russian delegation would also visit Pakistan next month.

A Pakistan delegation comprising State Minister for Petroleum Musadik Malik, Secretary Petroleum Capt (retd) Muhammad Mahmood, Joint Secretary and officials of the petroleum division was in Moscow to explore possibilities of buying Russian crude oil and other petroleum products at discounted rates.

Malik said Russia did not have Liquefied Natural Gas (LNG). “Talks with Russia private firms are underway for the import of LNG, while we have also engaged Russia’s state LNG producers,” Malik said. 

According to the state minister, significant progress has been in talks over the pipeline projects with Moscow. 

Last week, The News, quoting sources, reported that Pakistan’s delegation asked for a 30-40% discount on Russian crude oil during talks in Moscow, but the Russians said they could not offer anything right now as all volumes were committed.

During talks on the gas pipeline projects, Moscow asked Pakistan to first honour its commitment to the flagship project of the Pakistan Stream Gas Pipeline (PSGP) to be laid down from Karachi to Lahore, Punjab.
In their response, the Pakistani team proposed to change the model of the PSGP project. The Russian side said that the model of the project under GtG (government-to-government) arrangement had already been settled, save for some clauses of the shareholding agreement, which would soon be finalised.

Talking to the journalists, Malik said the country required one percent additional energy to meet the demand.

To a question, he said the government would ensure uninterrupted gas supply to households during cooking hours. “More gas is being supplied to the domestic sector in December 2022 compared to the last year,” the minister said.

He added that the country was importing 20,000 tonnes of Liquefied Petroleum Gas (LPG), and Iran had announced to supply 2 million pounds of extra LPG in the next ten days.

He said Prime Minister Shehbaz Sharif had directed that the country should be made self-reliant in agriculture, while the industry’s chimneys should always be smoking as it was a sign of employment and progress. 

“Jobs are tied to economic growth. We will have to take our GDP growth to 7%.,” Malik said.

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

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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.

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

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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.

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Business

Discos report losses of Rs239 billion.

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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.

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