It appears that talks with Russia came to an end without any conclusion since Moscow has refused to offer Pakistan a 30–40 per cent discount on crude oil, claiming that all volumes were committed.
During the negotiations, the Pakistani group, which included State Minister for Petroleum Musadik Malik, the joint secretary, and representatives of the Pakistani Embassy in Moscow, sought a reduction.
However, Russia has pledged to take Pakistan’s request into consideration and to later communicate its opinion through diplomatic channels.
Nevertheless, according to sources, Russia can provide oil at the rates it is currently offering to its major client countries, which are stable and solid economies, at an appropriate time. All quantities are currently contracted with significant purchasers, they claimed.
The Russian side urged Pakistan to start by keeping its word over the Pakistan Stream Gas Pipeline, which will be built from Karachi to Lahore, Punjab.
During the negotiations, the Pakistani side expressed a desire to alter the PSGP project’s model. The Russian side claimed that only a few provisions of the shareholding agreement needed to be finalised and that the model of the project under the GtG arrangement had already been established.
According to Geo, the official delegation from Pakistan travelled to Moscow on November 29 for a three-day meeting with Russian officials to discuss the possibility of importing crude oil at a reduced price, as well as the mode of payment and shipping costs.
Russian crude oil may be processed in Pakistan’s refineries, and one private refinery has previously used Russian crude oil to provide completed goods, according to sources in the industry ministry.
