Pakistan to pay crude oil imports in friendly nations' currencies, Russia
Business
Both countries agreed for crude oil provision to Pakistan in late March, Nikolay Shulginov
ISLAMABAD (Web Desk) - Russia s energy minister Nikolay Shulginov has said that Pakistan would pay for its imports of crude oil in the currencies of friendly nations.
For an annual intergovernmental commission on trade and economic relations between Pakistan and Russia, Shulginov is in Islamabad. The imports of Russian crude oil are expected to start in late March.
At a joint press conference with Minister of Economic Affairs Ayaz Sadiq, the Russian minister said, "We have decided that the payments would be done in the currencies of friendly nations." However, neither of the two ministers provided information on the magnitude of the anticipated acquisitions and no mention of the friendly countries’ names was also made.
Musadik Malik, the minister of state for petroleum, stated separately that Islamabad intended to buy 35 percent of its overall need for crude oil from Russia.
The two countries have agreed to provide crude oil to Pakistan in late March, according to Nikolay Shulginov, who further added that the trade in oil and gas between Russia and Pakistan shall be arranged such that it would be advantageous to both countries.
Russian minister predicted that the procedure for energy trade will be finished by the end of March at the completion of the eighth session of the three-day Pakistan-Russia Inter Governmental Commission (IGC) on Trade, Economic, Scientific and Technical cooperation.
