Pakistan to Import Discounted Russian Crude Oil Starting January 2025
Pakistan has agreed to import Russian crude oil at a discounted price starting from January 2025. This agreement was made during the sitting of the Inter-Governmental Commission (IGC) in Moscow.
The Pakistani delegation, headed by Federal Minister for Energy Sardar Awais Leghari, concluded the deal that would bring Pakistan Refinery Limited (PRL) in the country to import 12 cargoes of crude oil per annum on a Government-to-Government basis. All earnings from this deal will be put into refining upgrading in the country through incentives under the Brownfield Policy.
Payment processing of this agreement has been taken care of by the Governor of the State Bank of Pakistan, which means it will be done without hassle by proper banking channels.
It also was discussed during the Government-to-Government to improve the connectivity by rail with Central Asia as well as the $3 billion Pakistan Stream Gas Pipeline project that had been delayed. The last word on these agreements will be concluded on December 4, 2024.
