KARACHI , March 21, 2023: A Russian technical delegation is holding talks today with Pakistan State Oil (PSO) officials in Karachi to finalise a crude oil import deal at a government-to-government level, it is learnt.
Successful talks will lead to the signing of a commercial agreement the next day (March 22).
PSO has been nominated as the state-owned company on behalf of Pakistan for talks and signing of the Russian crude oil import deal.
The Operational Services Center (PSC), which is a state-owned company of Russia, has been nominated for the talks by Moscow.
The PSC delegation arrived in Karachi on Monday.
First cargo of Russian crude to arrive in Pakistan in April: Musadiq
Few days back, State Minister for Petroleum Dr Musadik Malik had said Pakistan would receive first cargo of crude oil from Russia in April this year.
In a television talk show, the state minister said the government had fulfilled ’80 per cent to 85pc’ of negotiations with Russia.
He said commercial deal was in the final stages, and by the month of March the entire commercial deal would be negotiated.
“In April, we will give them the first shipping order. The first cargo of crude oil from Russia will arrive in by the end of April.”
Malik said the country would receive one-third of its crude oil imports from Russia at a concessional rate “the impact of which will be translated to the people.”
Regarding the latest price hike, the minister said the government pays dollars for oil, and at the moment the country is short of it. “Oil prices are dependent on ongoing international prices and the currency parity,” he added.
The minister shared that Pakistan imports $2 billion to $2.5 billion of energy commodities per month. “If we give subsidy on it, the entire liquidity of the country will be drained off,” Malik said.
