Business & Economy

Pakistan Intends to Increase Oil Supplies From Russia: Pak Minister

© AP PhotoAn oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022.
An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022. - Sputnik India, 1920, 09.12.2023
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Encouraged by its experience of importing oil from Russia, Pakistan is deliberating increasing supply, and also expanding its trade relations with Moscow.
Pakistan, with its positive experience of importing oil from Russia, is considering the possibility of increasing its supplies, Pakistani Minister of Trade and Industry Johar Ijaz told Sputnik.

"Pakistan is a very large oil consumer. Our oil procurement budget is $10 billion, so Pakistan is a large oil consumer. We have already received initial supplies and I think we are already having good, positive results with Russian oil and we are looking into (the opportunity) to increase its imports from Russia”, Ijaz said.

He also noted that Pakistan is looking to increase trade relations with Russia in various fields.

“We are trying to expand trade relations with Russia in various fields, and we are trying to strengthen bilateral relations between us, as well as bilateral trade for export and import, balance the balance of trade, and whatever Pakistan's grain needs are, our first trip will be to Russia", Ijaz added.

In mid-June, then-Pakistani Prime Minister Shehbaz Sharif announced that the first shipment of Russian oil had arrived in the country. Later, at the end of the month, the media also reported the delivery of a second batch to Pakistan.
Then-Pakistani Energy Minister Muhammad Ali said that the country was discussing signing a long-term contract with Russia on the supply of oil.
Earlier, Russian President Vladimir Putin said that relations between Russia and Pakistan are truly friendly. According to him, mutual trade is developing dynamically, and mutually beneficial cooperation is supported in a number of sectors of the economy, including energy and agriculture.
Oil Rig in the Bavlinsky District of the Republic of Tatarstan - Sputnik India, 1920, 22.11.2023
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