Crude oil, LNG deal: Russian delegation reaches Pakistan for talks

ISLAMABAD: The Russian delegation reached Pakistan on Tuesday for three-day inter-governmental talks between Islamabad and Moscow regarding crude oil and LNG deal besides reviewing the progress on the multi-billion-dollar gas pipeline project, ARY News reported.

Sources told ARY News that the Minister of Economic Affairs Sardar Ayaz Sadiq will lead the Pakistani side while the visiting dignitaries will be represented by the Russian energy minister.

Minister of State for Petroleum Musadik Masood Malik is likely to attend the meeting as there will be discussions on the purchase of cheap crude oil and LNG from Russia under the forum of the Inter-Governmental Commission (IGC).

According to sources, both countries are also expected to review the progress on the Pakistan Stream Gas Pipeline project.

Moreover, Islamabad and Moscow will also hold talks regarding the enhancement of bilateral trade and investment between both countries.

READ: RUSSIA TO SELL DISCOUNTED CRUDE OIL TO PAKISTAN, MUSADIK MALIK REITERATES

Yesterday, it was learnt that Pakistan and Russia will hold negotiations on electric power, hydropower, renewable energy sources, and oil and gas production cooperation.

In-depth discussions are also on cards to amplify trade and investments, especially in sectors of agriculture, energy, education, IT, and finance.

A delegation led by State Minister for Petroleum Musadik Malik last year visited Russia to discuss an agreement for the import of oil at a cheap price.

The agreement for the import of oil at a cheap price will help Pakistan save dollars and tackle skyrocketing fuel prices.

The delegation led by Musadik Malik was comprised of secretary petroleum Muhammad Mahmood and others will discuss cooperation between Islamabad and Moscow in the petroleum sector.

Earlier, the National Assembly was informed that a high-power delegation would soon visit Russia to negotiate any possibility of long-term cooperation to acquire gas and oil.