The potential of a long-term agreement to import up to 1 million metric tonnes of Russian oil annually is being considered, according to acting Energy Minister Mohammad Ali, according to the TASS news agency.
In response to Moscow’s shipments being prohibited from reaching European markets because of its invasion of Ukraine, Pakistan began purchasing discounted crude oil from Russia.
The second cargo from Russia is now being discussed, while the first one arrived in June. Notably, Cnergyico bought the first shipment of Russian crude oil from the private sector last week.
Pakistan has struggled with spot purchases of liquefied natural gas after Russia’s invasion of Ukraine last year drove prices to all-time highs, in addition to dealing with growing inflation and a foreign exchange issue.
Pakistan LNG Limited (PLL) awarded a tender earlier this month to global energy and commodity trading corporation Vitol for the delivery of an LNG cargo in December, marking the nation’s first purchase since last year. This was done to prevent an even greater gas scarcity as winter approaches.
