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Govt decided to obtain Russian oil at discounted prices: Musadik Malik

ISLAMABAD: Dr. Musadik Malik, Minister of State for Petroleum, said the government is developing an energy policy that will focus on creating energy resources from LPG and solar in order to promote energy conservation.

The Minister of State, speaking at a news conference in Islamabad on Friday, expressed hope that the new policy will remove the monopoly of a few oil firms and their abuse of consumers.

According to Radio Pakistan, he stated that the government has chosen to obtain oil at reduced costs from Russia.

According to Musadik Malik, the Prime Minister has revealed plans to build a refinery costing between $10 and $14 billion.

Earlier this month, Dr Musadik Malik, Minister of State for Petroleum, stated that the country will receive its first shipment of crude oil from Russia next month. The state minister made these comments to a private news outlet.

Malik stated that the current government had completed talks with Russia and that the first shipment would arrive in Pakistan via cargo next month. He promised that after receiving this shipment, the government will sell inexpensive oil.

“After the arrival of oil from Moscow, people will be relieved of the [petrol] price hike,” Musadik Malik remarked. In response to a query regarding rationalizing power and gas tariffs, the minister stated that the government plans to implement separate tariffs for the impoverished and privileged classes.

According to him, the government has developed a strategy in this regard and would issue distinct invoices for the poor and wealthy groups.

In January, Russia conceptually agreed to deliver crude oil and oil products to cash-strapped Pakistan at lower prices, signing numerous memorandums of understanding with Pakistan’s energy ministry.

Following the signing of the agreements, Pakistan stated that it intended to import 30 to 35 percent of its total crude oil requirement from Russia.

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