Pakistan and Russia solved all the technical issues for proper oil and other petroleum products supply to Pakistan. Both the countries signed three agreements for cooperation in custom and aviation.
Moscow says that Islamabad can pay in any currency of friendly country and we have decided to supply oil in special discount rates.
Russia and Pakistan management also sorted out the issues on insurance, transportations, taxes, customs and payment mechanism. The crude oil and other oil products will be start transporting from last of this March, said Russian oil Minister in conference with Minister of economic affairs, Ayaz Sadiq.
The news conference between both ministers resulted after the ending of three day Pakistan-Russia intergovernmental commission on trade, economic, scientific and technical cooperation.
Read more | Protest against Big Oil Companies
This agreement started after the last month visit of minister of petroleum Dr Mussadiq Malik from Moscow. After all the technical issue the supply of oil and petroleum products will help both the countries in strengthening economies.
In response to a question, Russian minister said that the contract of liquefied natural gas is for long term, although its market is not very big but still both the countries are trying to have additional capacity by the end of 2023.
Currency friendly country
Mr. Shulginoy said that the transactions of money between Pakistan and Russia is allowed in currency of any friendly country.
On another question, Minister Ayaz Sadiq responded that delay in Russia supported Pakistan stream gas pipeline was because of energy sector involvement in plan, the procedure is long but we are working on this matter.
Read more | Petroleum Prices To Be Cut By Up To Rs40
Oil supply after March
In the end of conference, Mussadiq Malik, minister of petroleum said that all the issues of transportation, custom, taxes and insurance has been completed and supply will be started after March.
The minister of Russia said that the supply of Liquefied natural gas (LPG) will be start by the end of year 2023.