LNG contract with Qatar deferred for a year
Federal Minister for Petroleum, Musadik Malik, has denied any agreement for the purchase of crude oil from Russia.
Speaking to journalists in Islamabad, the petroleum minister stated that no agreement had been made with Russia for the purchase of crude oil.
He explained that during the last oil purchase, the plan was to procure it through a public sector company.
Musadik Malik said, “We intended to provide oil to refineries at international market prices through a subsidy mechanism, but this plan was not fully implemented. After the first cargo, no further oil was requested from Russia by PRL (Pak-Arab Refinery Limited), and we currently have a surplus of LNG, so we are not importing any new cargo.”
The minister clarified that while talks regarding the purchase of crude oil from Russia continue, there is no official agreement to import crude oil at the government level. “We will not be importing any new cargo beyond previous agreements,” he added.
He also mentioned that Russia is interested in offshore oil and gas exploration.
Musadik Malik further revealed that Pakistan has deferred five LNG cargos from Qatar and negotiations are ongoing to avoid importing five additional cargos from Qatar next year.
He also mentioned that a framework for the de-regulation of petroleum product prices is being developed, which will allow for immediate benefits to the public through reduced prices.
This de-regulation framework will be approved by the Prime Minister. The minister noted that the prices of LNG in the international market have decreased due to increased supply.
