Pakistan asks Russia to decrease prices for oil supplies

Pakistan’s delegation has asked for a 30-40 per cent discount on Russian crude oil during talks in Moscow on November 30. But the Russian side said it could not offer anything right now as all volumes were committed.

The talks ended with no cogent conclusion but the Russian side promised to consider the demand of Pakistan and to share its mind later on through diplomatic channels, according to The News information agency based in Pakistan.

However, the sources said that Russia can offer crude at the rates it is providing to its large client countries, which are reliable and sound economies, at a suitable time. Right now all volumes are committed with big buyers, they said.

The Russian side asked Pakistan to first honour its commitment to the flagship project of the Pakistan Stream Gas Pipeline to be laid down from Karachi to Lahore, Punjab. The Pakistan side during the talks mentioned its desire to change the model of the PSGP project. The Russian side said that the model of the project under the GtG arrangement has already been finalised and only some clauses of the shareholding agreement were yet to be finalized.

Pakistan’s official delegation left for Moscow on November 29 on a three-day visit for talks with the Russian authorities to explore possibilities of import of crude oil at a discounted price, mode of payment and shipment cost. According to industrial ministry sources, Russian crude oil can be processed in Pakistan’s refineries, and in the past one private refinery had used Russian crude oil and made finished products out of it.