In a recent statement, Russian Energy Minister Nikolai Shulginov clarified that his country is not providing Pakistan with oil at a special discount. The announcement came during an international economic conference in St Petersburg, where Shulginov confirmed that Russia had begun exporting oil to Pakistan.

Contrary to earlier reports, the Russian minister emphasised that the oil deliveries to Pakistan were being conducted on standard terms without any exclusive discounts. Citing Russian state media, Voice of America (VoA) reported Shulginov’s remarks, which aimed to dispel speculations about preferential treatment in the oil deal.

According to Geo, Shulginov further revealed that both countries had agreed to accept Chinese currency as payment, highlighting the importance of conducting transactions in the currencies of friendly nations. However, he denied claims that Pakistan had received any special advantages or discounts within the agreement.

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During the conference, the topic of barter trade between Pakistan, Afghanistan, Iran, and Russia was also addressed. Pakistan had recently passed a special order allowing barter trade for various commodities, including petroleum, liquefied natural gas (LNG), coal, minerals, metals, wheat, pulses, and other food items.

Regarding this specific trade arrangement, Minister Shulginov clarified that discussions had taken place, but no final decisions had been reached. In particular, the two countries have yet to establish mutually agreeable prices for the export of liquefied natural gas to Pakistan. Shulginov explained that the current focus was on spot supplies, and since spot gas prices were high at the moment, the negotiations were primarily centered around long-term contracts.

As Russia commences oil deliveries to Pakistan, both nations are working to ensure fair and transparent trade practices while exploring potential opportunities for collaboration in the energy sector. The recent developments underscore the significance of bilateral cooperation and economic ties between Russia and Pakistan.

While the exact details of the ongoing negotiations remain undisclosed, Minister Shulginov’s statements emphasise the commitment of both countries to maintaining a level playing field in their trade relations. The international community will be closely monitoring future developments in this energy partnership, particularly as Pakistan continues to diversify its energy sources and explore avenues for economic growth.

As the discussions progress, it is expected that Russia and Pakistan will strive to reach mutually beneficial agreements that foster stability and prosperity in their bilateral trade relations, creating opportunities for sustained cooperation in the energy sector and beyond.