Beginning in March Pakistan will import Russian oil
Musadik Malik the minister of state for petroleum, announced on Friday that Russia and Pakistan have decided to sell crude oil starting in late March. Additionally, he stated that Pakistan aims to acquire 35% of its overall need for crude oil from Russia.
Pakistan and Russia have mutually committed to complete the transaction framework for trade in the oil and gas sector by March 2023, according to the joint statement of the 8th Session of the Pakistan-Russia Inter-Governmental Commission on Trade, Economic, Scientific and Technical Cooperation.
On January 18–20, 2023, in Islamabad, the Pakistan-Russia Inter-Governmental Commission on Trade, Economic, Scientific, and Technical Cooperation.
Ayaz Sadiq, the Federal Minister for Economic Affairs of Pakistan, and Nikolay Shulginov, the Minister of Energy for the Russian Federation, served as its leaders. Senior delegates from both sides, including Ministers and representatives, also attended the session.
Working directly with Russian President Vladimir Putin and Prime Minister Shahbaz Sharif, both parties used the occasion to underline their dedication to a robust and extensive economic relationship.
Both parties concurred that the oil and gas trading transaction will be set up so that both nations can profit economically if a consensus on the technical details is reached. By March 2023.
Following the debates and decisions of the seventh IGC, both parties moved the process further and looked for new opportunities for collaboration. In the areas of commerce and investment, energy, communication, and transportation, higher education, industry, railroads, banking and finance, customs, agriculture, science, and technology, as well as information technology, both.
parties agreed to further intensify and expand their cooperation.
In the aforementioned economic areas, which have significant potential for the socioeconomic growth of both nations, both parties saw and acknowledged favourable prospects for implementable and concrete projects. The Commission decided that both sides’ relevant ministries and departments.