Friday Dec 30, 2022
KARACHI: Russia has made an offer 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 offer was made during a virtual meeting held between Pakistani and Russian 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.