Pakistan denies agreement for purchase of crude oil from Russia

Federal Minister for Petroleum, Musadik Malik, has denied reports of an agreement between Pakistan and Russia for the purchase of crude oil.

Speaking to journalists, the minister clarified that no formal deal had been made, although discussions on the matter are ongoing.

Malik explained that during the previous oil purchase, the plan was to procure oil through a public sector company.

He further stated that after the first cargo, no additional oil was requested from Russia by the Pak-Arab Refinery Limited (PRL). Currently, Pakistan has a surplus of LNG and is not importing any new oil.

While negotiations continue regarding potential crude oil imports, Malik emphasized that no new cargo would be imported beyond the previous arrangements.

He also noted that Russia is interested in offshore oil and gas exploration in Pakistan.

The minister also addressed reports of deferred LNG shipments, revealing that Pakistan has postponed five LNG cargos from Qatar and is in talks to defer five more shipments in the upcoming year.

The clarification also follows recent reports that Pakistan and Russia will hold discussions next week under the Pakistan-Russia Intergovernmental Commission (IGC) to explore further economic cooperation.