Pakistan to import 35% of its crude oil from Russia
Pakistan will purchase 35% of its total crude oil needs from Russia beginning in March.
Musadik Malik, the minister of state for petroleum, announced on Friday that Pakistan would start importing crude oil from Russia in March following the end of the yearly intergovernmental commission held between Moscow and Islamabad.
The state minister also mentioned that Pakistan wants to import 35% of its total crude oil requirement from Russia from March onward, he said to the media.
On the other hand, Nikolay Shulginov, Russian Energy Minister, also stated that Pakistan would pay off its energy purchase from Russia in Pakistani rupees.
Apart from that, Pakistan and Russia agreed to strengthen energy cooperation, enhance energy trade and broaden energy infrastructure investment based on strategic and favourable commercial terms.
The sides also agreed to work together on a “comprehensive strategy for energy cooperation” that would serve as the foundation for future work and be finalized in 2023.
Both countries also agreed to explore further and enhance collaboration in other sectors such as trade, investment, communication, transport, higher education, industry, railways, finance, banking, agriculture, science and technology.
The two parties also agreed on regional integration and Eurasian connectivity by exchanging information about creating and enhancing rail and road infrastructure.
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