Business community hails govt’s decision to buy oil from Russia

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Chairman Kyrgyzstan Trade House Meher Kashif Younis Sunday hails the government’s wise decision to buy crude oil from Russia in currencies of friendly countries as announced by Russia’s Energy Minister Nikolay Shulginov on Friday.

Talking to a delegation of industrialists and traders led by Faran Shahid on Sunday, he said it’s a good omen that Pakistan will pay in the currencies of friendly countries which he added will definitely ease dollars pressure on either side and help pave way for further strengthening of existing economic cooperation and bilateral relations.

Meher Kashif Younis who also attended some meetings with visiting Russian delegation said agreements between both sides will pay dividends in the days to come.

He appreciated that Islamabad wants to import 35% of its total crude oil requirement from Russia.

He said historically the South Asian country has had no major commercial relations with Moscow, unlike neighbouring India.

He said Pakistan depends on oil from Gulf countries, mainly due to close political and friendly ties, which often extend facilities like deferred payments, and that route is cheaper logistically given its proximity to the Strait of Hormuz.—NNI