No Agreement for Crude Oil Purchase from Russia, Says Petroleum Minister

Islamabad: Federal Minister for Petroleum, Musadik Malik, has denied any agreement with Russia for the purchase of crude oil. Speaking to the media in Islamabad, he clarified that no such deal has been made and that the previous efforts to import oil were focused on purchasing through a public sector company.
Malik explained that the government had aimed to supply crude oil to refineries at international market prices, and there was a plan to establish a subsidy mechanism for oil imports, but this plan did not materialize. He further emphasized that after the first cargo, Pakistan State Oil (PSO) has not imported crude oil from Russia, and currently, Pakistan has a surplus of LNG (liquefied natural gas), so no new cargo is being sought from any source.
The Minister also highlighted that discussions with Russia regarding crude oil purchases continue, but no official agreement has been reached for importing crude oil at this stage. He added that, apart from old agreements, no new crude oil cargoes will be imported.
On the LNG front, Malik mentioned that Pakistan had successfully postponed five LNG cargoes from Qatar. Ongoing negotiations are aimed at not importing five additional cargoes from Qatar next year as well.
Regarding domestic petroleum prices, the Minister stated that a framework is being developed for the de-regulation of petroleum product prices, which is expected to bring immediate benefits to the public by reducing prices. The de-regulation framework will be presented for approval by the Prime Minister.
Musadik Malik also noted that the increase in LNG supply has resulted in a decrease in LNG prices in the international market.
This comes after some media channels reported that an agreement had been made with Russia for the purchase of crude oil, which was officially denied by the Petroleum Minister.