Russia turns down Pakistan’s demand for 30-40 per cent discount on crude oil

Russia turns down Pakistan’s demand for 30-40 per cent discount on crude oil

A Pakistani delegation holding talks with their Russian counterparts has asked for a 30-40 per cent discount on crude oil, a demand turned down by Moscow which said it could not offer anything right now as all volumes were committed, according to a media report on Thursday.

The delegation — comprising State Minister for Petroleum Musadik Malik, Secretary Petroleum Captain (retd) Muhammad Mahmood, joint secretary and officials of the Pakistan Embassy in Moscow — asked for a discount during talks in Moscow on Wednesday, The News reported.

The talks ended with no cogent conclusion but the Russian side promised to consider Pakistan’s demand and to share its decision later on through diplomatic channels, the paper said, citing its sources.

The paper said that Russia can offer crude at the rates it is providing to its large client countries, which are reliable and sound economies, at a suitable time. Right now, all volumes are committed with big buyers, sources said.

The Russian side asked Pakistan to first honour its commitment to the flagship project of the much-touted Pakistan Stream Gas Pipeline to be constructed from Karachi to Lahore.

Pakistan’s official delegation left for Moscow on November 29 on a three-day visit for talks with the Russian authorities to explore possibilities of import of crude oil at a discounted price, mode of payment and shipment cost.

Citing industrial ministry sources, the paper said that Russian crude oil can be processed in Pakistan’s refineries, and in the past, a private refinery had used Russian crude oil to deliver finished products.

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