MOSCOW: Energy minister Nikolai Shulginov also says Russia agreed payment would be made in currencies of friendly countries
Russian Energy Minister Nikolai Shulginov confirmed Moscow had started exporting oil to Pakistan, clarifying, however, that there was no special discount for the country, and the rate was the same as for other buyers.
In a report published by Voice of America on Friday, Shulginov said “oil deliveries to Pakistan have begun”.
“There is no special discount for Pakistan, it is the same as for other buyers,” Russian state media quoted Shulginov as telling reporters on the sidelines of an international economic conference in St. Petersburg, according to VOA.
We agreed that the payment would be made in the currencies of friendly countries,” Shulginov said when asked for a response to Pakistani assertions that the trade is taking place in Chinese currency.
He also confirmed that the issue of barter supplies was also discussed, “but no decision has been made yet”.
Shulginov said the two countries had not yet reached an understanding on prices for the export of liquefied natural gas to Pakistan.
He noted that “the discussion is about long-term contracts, but so far, we are talking about spot supplies, and spot gas prices are now high.”
On June 11, the first-ever Russian oil ship ‘Pure Point’ carrying 45,142 metric tons of crude successfully anchored at oil tankers’ berth OP2 of Karachi Port Trust (KPT).
The second shipment of Russian crude oil from Omani port to Pakistan is expected to be completed in the next few days.
The local refineries are built to cater to Arabian light crude, said State Minister for Petroleum Musaddik Malik earlier.
“It is true that our refineries, which are running on old technology of hydro skimming, cannot refine 80%-100% of Russian crude,” he said.
The minister said that the incumbent government has approved a refinery policy, whereas a policy for tight gas, which refers to natural gas reservoirs produced from reservoir rocks, is also in the final stages.
We are also in advanced stages of talks on a $10 billion investment from a GCC country,” said Malik.
“The government intends to ink a $10 billion contract, before the end of its tenure, so a new oil refinery can be established in Pakistan,” he said.
