Russia is ready to help Pakistan with oil and fuel products from March. According to experts this oil export will help Pakistan in fulfilling its domestic and industrial challenges in future.
The State Minister for Petroleum, Musaddiq Malik said that Russia had agreed to provide oil for Pakistan on discount rates. All the process is complete and we will start exporting oil from Russia with the start of March. This oil will help Pakistan in upcoming challenges.
Pakistan will purchase crude oil, petrol and diesel from Russia. He said that long term contract has been finalized between Islamabad and Moscow to have good trade terms between both the countries.
Read more | Oil supply agreement between Pakistan and Russia
This agreement of exporting oil from Russia came out after several bilateral visits of officials of both countries. The latest tour of high level Russian delegation to Pakistan led to finalisation of this export decision.
Imran Khan in the end of his tenure visited Russia to discuss trade relationship between Pakistan and Russia. After that visit, Russia announced war against Ukraine and Imran khan lost no-confidence vote. He also claimed that his visit to Russia is one of the reason behind his ouster.
An oil-energy expert from Karachi said that this oil export from Russia would help Pakistan in rising its oil import and fulfilling energy demands within the country.
Energy crises in Pakistan
The energy crises in Pakistan is going severe from last two months which resulted in shortage of electricity and increase in petroleum products prices.
Pakistan has also lesser industrial activities as compare to other countries. We need oil and power to run industries and low amount of oil in country result to shut down of industries.
Power plants in Pakistan cost high charges and in current economy conditions, it is difficult to produce electricity at low cost. The only way to face this challenge is reduction in oil consumption and more reliance on renewable energy sources.
This way could help Pakistan in coping up with dollar price as well as country’s own oil and power requirements.