According to The News International, Russia declined to grant Pakistan with a 30-40% discount on Russian crude oil after the Pakistani team requested a price reduction during discussions in Moscow.
Earlier on Wednesday, the Pakistani team, which included State Minister for Petroleum Musadik Malik, a joint secretary, and officials from the Pakistan Embassy in Moscow, requested a reduction during negotiations in Moscow.
The discussions concluded with Russia stating that it could not contribute anything at this time because all volumes had been pledged. Russia has offered to evaluate Pakistan’s request and to convey its thoughts later through diplomatic channels, according to The News International.
According to Geo News, Pakistan’s official team headed for Moscow on November 29 for a three-day visit to examine the prospect of importing crude oil at a reduced price, form of payment, and transportation cost with Russian officials.
According to Geo News, citing sources in the industry ministry, Russian crude oil can be processed in Pakistani refineries, and one private refinery has previously used Russian crude oil to supply completed goods.
According to sources, Russia can sell crude at the rates it is now offering to its main customer countries, who have solid and sound economies, at an opportune moment. They stated that all volumes are currently committed with large purchasers.
The Russian side requested that Pakistan first honor its promise to the Pakistan Stream Gas Pipeline, which would run from Karachi to Lahore, Punjab.
Earlier, on November 13, Pakistan Finance Minister Ishaq Dar stated that the US cannot prevent Pakistan from obtaining Russian oil and that this will be achievable shortly.
According to The Express Tribune, he made these statements while speaking to Pakistan Muslim League – Nawaz (PML-N) workers in Dubai.
Dar met with US State Department officials last month on his visit to the US, when the issue of Russian oil purchases was raised.
According to the Pakistani minister, the ministry would try to acquire oil from Russia on similar terms.
“You will see that the administration will take big actions in favor of Pakistan in the coming months,” he remarked.