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Pakistan, which is experiencing a severe economic crisis, has begun to purchase Russian oil, but the petroleum minister of that nation claims that diverse, particularly green, energy is the way of the future.
Minister Musadik Malik was in the country to meet with businesses as well as the government, which has spearheaded measures to stifle Russia’s oil shipments, which are used to support its invasion of Ukraine.
Malik stated that Pakistan had made a first order for Russian oil, which would arrive within a month. Pakistan will then decide how much oil to import moving forward.
According to the findings, he said to AFP, “We’ll move forward and see for what part of our portfolio we can use Russian energy.”
When asked if Pakistan will want to purchase more from Russia, he responded, “If today we get cheaper sources of energy, we’ll go there.”
“A small drop”
Pakistan, the fifth most populous nation in the world, suffers from persistent energy shortages and imports 84% of its petroleum goods, the majority of which come from Saudi Arabia and the United Arab Emirates, two Gulf Arab allies.
Malik asserted that Pakistan had been completely transparent and that its initial interactions with Moscow were significantly smaller than those of other nations, particularly China and Pakistan’s adversary India, whose enthusiastic purchase of Russian oil has clouded New Delhi’s improving relations with the United States.
We haven’t had any issues, either with the US or any other nation, according to Malik.
“A lot of nations legitimately import energy from Russia,” he declared.
The contribution from Pakistan “is a little drop, but it helps.”
According to the International Energy Agency, Russian oil shipments increased in March to their highest level since the invasion of Ukraine more than a year earlier, as China and developing countries bought at a discount.
However, despite the Group of Seven industrial democracies’ efforts to impose a cap of $60 a barrel, revenue to Russia was still significantly lower.
A representative for the State Department stated that while Russia has demonstrated that it is “not a reliable supplier of energy,” the United States understands “the pressure governments face to secure affordable fuel.”
The spokeswoman stated, “We hope countries are able to take advantage of the oil price cap to buy Russian oil at a lower price.
looking for a green boost
The Wilson Center’s South Asia Institute director, Michael Kugelman, asserted that he thought there was widespread agreement in Washington that “this is an opportunistic situation where Pakistan is desperate for cheap oil” and materially different from India’s traditional relationship with Russia.
Given Washington’s control over crucial international financial institutions that are crucial to Pakistan at the moment, Kugelman said, “My sense is that Islamabad is in such a difficult state that it’s not going to risk antagonizing the United States.”
The International Monetary Fund has requested long-term changes, including subsidy cutbacks, from Pakistan, which is fearful that its economy may collapse. As a result, Prime Minister Shehbaz Sharif has taken the unpopular step of hiking fuel prices.
Malik claimed he had discussions with US firms about purchasing shale liquefied natural gas, modernizing Pakistani refineries and storage facilities, looking at offshore oil and gas, and beginning horizontal drilling, a technique the nation has not yet adopted.
However, Malik stated that in his discussions with the US, he will also push for funding for green energy, in keeping with Pakistan’s aim to produce 30% of its electricity from renewable sources by 2030, including a strategy for widespread rooftop solar power.
As a result of last year’s floods, which submerged one-third of the country, Pakistan is one of the country’s most vulnerable to climate change. According to a 2020 World Bank assessment, Pakistan could supply all of its current electricity needs by allocating just 0.071 percent of its land to solar energy.
On a trip to Pakistan in March, Geoffrey Pyatt, the assistant secretary of state for energy resources, pledged US support for renewable energy targets. According to Malik, “Green energy represents the future of energy security from a strategic standpoint.
