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Moscow has solution to Pakistan's economic woes, says Russian consul general

Dunya News

Russia capable to supply 100,000 barrels of crude oil per day

LAHORE (Web Desk) – Russian Consul General Dmitri Petrov has said that the solution to Pakistan’s economic crisis lies in bilateral trade between the two countries in the local currency.

Pakistan should import one cargo first as a test case, the consul said.

While addressing a meeting during his visit to the Korangi Association of Trade and Industry (KATI) Karachi he expressed these views.

The consul general said that pharmaceutical products of high quality were being produced in Pakistan that are available at a low price as compared to Russian medicines.

The Russian diplomat further said that an agreement between the two countries for the supply of gas and petrol had already been signed and hoped for its implementation soon.

As Moscow has already offered to export 100,000 barrels of crude oil daily to Pakistan, he said that after Pakistan’s nod first oil cargo from Russia might reach Pakistan by the end of April. Petrov further said that the import of a single cargo as a test case would bridge the trust deficit between the two states.

Russia would be the second largest crude oil exporter after Saudi Arabia to Pakistan that too supplies 100,000 barrels per day.

It is to be recalled that State Minister for Petroleum Dr Musadik Malik has also said Pakistan will receive its 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 percent to 85pc' of negotiations with Russia.

He said a commercial deal was in the final stages, and by 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 by the end of April."
Malik further 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 products per month. “If we give subsidy on it, the entire liquidity of the country will be drained off,” Malik said.

Earlier, former Prime Minister Imran Khan had also claimed to have discussed an oil deal with Russian president Putin during his visit to Moscow.

Also, the United States of America has already clarified that it has no objection to Pakistan importing Russian oil.

During a regular press briefing, State Department Spokesperson Ned Price was asked to share his views about Russia as it was near to a deal to sell oil to Pakistan, which of course traditionally hasn’t been a major importer of Russian oil.