Wednesday, February 12, 2025
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HomeBusinessPakistan to import cheap oil from Russia this month: Musadik Malik

Pakistan to import cheap oil from Russia this month: Musadik Malik

According to Dr. Musadik Malik, Pakistan will make its inaugural oil import request from Russia during this month.

The endeavors of the government to provide affordable petroleum products to the public are starting to yield results.

The Minister of State for petroleum, “Dr. Musadik Malik” says, that from this month, the import of cheap oil will begin from Russia

The State Minister of Pakistan, Dr. Musadik Malik, has announced that the Pakistan will import 33% of its crude oil requirements from Russia. This move comes as a positive development for Pakistan, which has been facing with an energy crisis for several years. Dr. Musadik Malik also stated that the talks on getting cheap oil from Russia are in their final stages.

The decision to purchase oil from Russia is expected to help Pakistan reduce its reliance on expensive oil imports and provide a cost-effective solution to its energy needs.

Although from the past records, Pakistan has mainly relied on Saudi Arabia and the United Arab Emirates (UAE) for its oil imports, with limited involvement in purchasing the oil from Russia.

Pakistan has been facing an energy crisis for many years, which has significantly impacted the country’s economic growth and the development. To address this issue, the Pakistani government has been exploring various options to diversify its energy sources and reduce its reliance on a limited number of suppliers. In this regard, the Pakistan has been engaging in talks with Russia to secure affordable crude oil imports.

The negotiations between Pakistan and Russia began several years ago, and in April, the State Minister for Petroleum, Dr. Musadik Malik, announced that Pakistan would start importing 33% of its crude oil requirements from Russia. The announcement marked a significant milestone in the efforts to enhance Pakistan’s energy security and reduce its dependence on traditional suppliers

Moreover, the fact that no country, including America and Europe, has objected to Pakistan’s decision to buy oil from Russia is a significant development that could lead to strengthened economic ties between Pakistan and Russia.

The finalization of talks is expected to provide much-needed relief to the people of Pakistan, who have been facing an increase in the energy prices and frequent power outages. This move is also expected to boost Pakistan’s energy sector and contribute to its economic growth.

He claimed that the first order of oil import from Russia will be placed this month, and mentioned that it takes approximately 26-27 days to reach Pakistan.

Dr. Musadik Malik explained that the purchase from Russia will fulfill 33 percent of the country’s crude oil requirements.

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The state minister has highlighted that the initial shipment of the crude oil will play a crucial role in determining the capability of local refineries to process it. The minister has underlined the significance of procuring affordable crude oil from the global market, which would benefit the Pakistani people. It is imperative for Pakistan to diversify its oil imports and reduce its dependence on a limited number of suppliers.

By expanding its sources of crude oil, Pakistan can ensure a more stable and sustainable supply of energy, which would be helpful for the country’s economic growth and development. Moreover, the availability of cheap oil can help to reduce the cost of production and lower the prices of essential commodities, thereby contributing to the overall welfare of the citizens. In conclusion, the government’s efforts to explore alternative sources of oil supply and increase local refining capacity are commendable and can have a positive impact on the country’s energy sector.

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