Japanese company 'offers Pakistan cheap Russian oil, Nigerian LNG'

Japanese company 'offers Pakistan cheap Russian oil, Nigerian LNG'


The Japanese trading company partners with an Irish company

LAHORE (Web Desk) - A Japan's leading trading company has reportedly offered Pakistan to sell Russian oil and Nigerian Liquified Natural Gas (LNG) to Pakistan at 35 per cent less than the global market's prices.

The Japanese company partners with an Irish company for the purpose.

It is learnt that the representative of the Japanese company made this offer to the ambassador of Pakistan in Tokyo. The meeting was arranged by Pak-Japan Business Council president Rana Abid Hussian, who is a leading Pakistani businessman in Japan.

The company's representative informed the Pakistani envoy about the details of oil and LNG supplies. He said the company and its partner company in Ireland have a license to sell Russian oil and Nigerian LNG and that if the Pakistani government is interested in buying oil and gas, the Japanese company will be able to sell it at a price lower than global rates.

On the occasion, Ambassador Raza Bashir Tarar said Pakistan could consider this offer while adhering to the international laws. "We will inform the relevant departments with all the details of this offer and if there is a response from Islamabad, the Japanese company will be informed," the Pakistani envoy was quoted as having said.

Pakistani entrepreneur Rana Abid Hussain was of the view that Pakistan is currently facing a serious economic crisis, so it should not have any problem in purchasing cheap oil and gas keeping in mind all the international laws.

-- Pakistan, Russia hold final talks on crude oil import --

On March 21, a Russian technical delegation held talks with Pakistan State Oil (PSO) officials in Karachi to finalise a crude oil import deal at a government-to-government level, it is learnt.

Successful talks reportedly led to the signing of a commercial agreement on March 22.

PSO was nominated as the state-owned company on behalf of Pakistan for talks and signing of the Russian crude oil import deal.

The Operational Services Center (PSC), which is a state-owned company of Russia, was nominated for the talks by Moscow.

-- First cargo of Russian crude to arrive in Pakistan in April: Musadiq --

Few days back, State Minister for Petroleum Dr Musadik Malik had said Pakistan would receive first cargo of crude oil from Russia in April this year.

In a television talk show, the state minister said the government had fulfilled '80 per cent to 85pc' of negotiations with Russia.

He said commercial deal was in the final stages, and by the month of March the entire commercial deal would be negotiated.

“In April, we will give them the first shipping order. The first cargo of crude oil from Russia will arrive in by the end of April."

Malik said the country would receive one-third of its crude oil imports from Russia at a concessional rate “the impact of which will be translated to the people."

Regarding the latest price hike, the minister said the government pays dollars for oil, and at the moment the country is short of it. “Oil prices are dependent on ongoing international prices and the currency parity,” he added.

The minister shared that Pakistan imports $2 billion to $2.5 billion of energy commodities per month. “If we give subsidy on it, the entire liquidity of the country will be drained off,” Malik said.