Pakistan's Musadik Malik denies crude oil deal with Russia

Minister for Petroleum Musadik Masood Malik stated on Wednesday that no agreement has been finalized regarding the acquisition of crude oil from Russia, despite ongoing negotiations.

This clarification follows media reports suggesting that a deal had been established for the purchase of crude oil from Russia.

In his address to the media, Musadik Malik emphasized that the recent discussions concerning the procurement of crude oil from Russia have not culminated in a formal agreement.

He noted that there was an initiative to acquire oil through a public sector entity, but this effort did not materialize.

Malik further indicated that the government intends to supply oil to refineries at prices aligned with the international market. He mentioned that there was a proposal to import oil by forming a subsidiary, but that initiative was ultimately unsuccessful.

He highlighted that following the initial shipment, the Pakistan Refinery Limited (PRL) did not place any subsequent orders for crude oil from Russia, attributing this to a current surplus of Liquefied Natural Gas (LNG) in the nation. Consequently, no new oil shipments are being procured from any source.

The petroleum minister confirmed that discussions with Russia are still in progress, but he reiterated that no official agreement has been reached regarding the order of additional crude oil shipments at this time.

"We will persist in our negotiations, but currently, no new shipments will be undertaken beyond the previous agreements," he stated.