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Your email address will not be published.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

Pakistan Desires a Sturdy, Long-Term Alliance With Huawei: PM

Published

6 hours ago

on

By

According to Prime Minister Muhammad Shehbaz Sharif, the government’s primary objective is to give Pakistani youth technical training in the field of information technology.

The prime minister expressed his desire for a strong and long-term collaboration with Huawei in an interview with a five-member delegation that visited him in Islamabad and was led by Huawei CEO Ethan Sun.

He said the Huawei’s ICT training program will not only increase it exports but will also help youth in getting job opportunities.

The meeting was briefed on the progress made in providing training in the it sector to 300,000 pakistani youth organized by Huawei.

Out of 300,000 youth, 240,000 youth will be provided basic training while 60,000 youth will be provided high-tech training.

Continue Reading

Business

The IMF allows Pakistan to lower electricity tariffs.\

Published

6 hours ago

on

By

The International Monetary Fund (IMF) has permitted the Pakistani government to decrease the energy cost by one rupee.

The alleviation will be incorporated into the base tariff for electrical units, with funding sourced from revenue collected by the levy on captive power plants. A tax has been enacted on the utilization of gas by captive power plants.

The government is developing a relief plan for electricity consumers, which will be announced upon clearance from the international lender.

Continue Reading

Business

Robust purchasing sustains PSX’s positive trend

Published

6 hours ago

on

By

On Thursday, bullish momentum continued in the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 index reaching 118,806 after an increase of over 300 points.

Across the board buying was observed in key sectors, including commercial banks, fertiliser, power generation, and oil and gas exploration companies.

Aside from that, index-heavy equities such as MARI, POL, HBL, MCB, UBL, KOHC, and LUCK experienced gains, capitalizing on the prevailing bullish atmosphere in the market.

Market analysts attribute the recent bullish trend in the PSX to a staff-level agreement between the International Monetary Fund (IMF) and Pakistani authorities following the initial review under Pakistan’s Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).

Furthermore, a recent study done by the Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) regarding the feasibility of the Reko Diq project in Balochistan has also conveyed favorable indications to investors.

The bulls surged rapidly after the staff-level deal with the global lender, with the KSE-100 Index reaching a peak of 118,220 before closing at 117,178 points, reflecting an advance of 1,139 points on Wednesday.

Continue Reading

Trending