ISLAMABAD: Minister for Petroleum Musadik Malik has firmly denied reports claiming that Pakistan and Russia have reached an agreement to import discounted crude oil.
In a statement to the media, Malik stated, “The reports about a deal with Russia for crude oil are completely false. No such agreement has been made with Russia.”
His remarks came in response to rumors that Islamabad had agreed to import Russian crude oil at a discounted rate following an offer from Moscow. Media outlets had suggested that during the Inter-Governmental Commission (IGC) meeting in Moscow, both countries had decided to resume crude oil trade starting in January 2025, with Pakistan set to import one cargo per month under a government-to-government arrangement.
Clarifying the situation, the petroleum minister emphasized that Pakistan is not purchasing any crude oil cargo from Russia. “We are working on a framework to ensure that consumers benefit from affordable oil,” he said.
Regarding liquefied natural gas (LNG), Malik confirmed that the country would not be receiving any additional LNG cargoes due to an existing surplus. “Pakistan has already postponed five LNG cargoes, and further postponement of five additional cargoes is being considered,” he added.
The minister pointed to factors such as the lack of LNG purchases by power plants and the private sector’s reluctance to buy LNG due to high costs as contributing to the surplus. He also mentioned that the gas plan for the winter season will be finalized soon.
Malik also shared that Pakistan has signed Memorandums of Understanding (MoUs) worth $2.7 billion with Saudi Arabia, with seven already progressing into agreements. He highlighted that five Saudi companies participated in a roadshow hosted by Pakistan Refinery Limited (PRL) in Saudi Arabia, with one company expressing interest in investing $1.7 billion in PRL.
He further revealed that a roadshow for a new refinery project in Pakistan will be held in Saudi Arabia soon. The petroleum ministry is working on a roadshow for the Greenfield refinery project and has also reached an understanding with Saudi Arabia for the provision of trained personnel. Saudi companies have also shown significant interest in investing in Pakistan’s mineral sector, he said.
