Pakistan to start importing Russian oil after March

Pakistan to start importing Russian oil after March

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Russia calls “unfriendly” countries, especially the United States and the European Union, which imposed sanctions against it after Moscow’s invasion of Ukraine last year.

Pakistan’s junior oil minister Mussadiq Malik separately told local Geo News TV that Islamabad is looking to import 35% of its total crude oil requirement.

Energy procurement accounts for most of Pakistan’s import bill.

Shulginov said Russian gas companies may not be in a position to provide any supplies to Pakistan at this point of time.

“We have decided that it would be a good idea for Pakistan to approach Gazprom and Novatek, the two largest LNG producing companies, at the end of 2023 when they will have excess capacity,” he said.

Pakistan has historically not had major commercial ties with Moscow, unlike neighboring India, and as a traditional US ally, has been reluctant to trade or even do any business with Moscow in the past.

It relies on oil from the Gulf countries, which often extend facilities such as deferred payments and because of their proximity to the Strait of Hormuz, where imports are cheaper.

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