ANI
21 Jan 2023, 00:07 GMT+10
Islamabad [Pakistan], January 20 (ANI): Pakistan will pay Russia for energy purchases, when they start in March this year, in currencies of friendly countries, a top Russian energy official said on Friday.
This understanding was reached at the 8th session of the Pakistan-Russia Inter-Governmental Commission (IGC) on trade, economic, scientific, and technical cooperation, Dawn newspaper reported citing Reuters.
Russia and Pakistan will approve all the details of oil and gas supplies by March 2023, which will be based on mutual interests, according to the joint statement.
"The parties agreed that after reaching an agreement in principle on technical details, the supply of Russian oil and gas to Pakistan will be based on the mutual economic interests of both countries. The approval process should be completed no later than the end of March 2023," the joint statement read, as quoted by Russian news agency Sputnik.
Shulginov specified that discussions on Russia's oil supply to Pakistan would start only after February 5, when the price ceiling on Russian refined products, introduced by the Western countries, comes into effect.
In addition, the energy minister noted that Russia could take part in Pakistan's power generation projects, including on modernization and construction of hydroelectric power plants, as well as modernization of thermal power plants.
In years 2015 and 2021, Pakistan and Russia signed two agreements for the construction of the USD 2.5 billion pipeline, which was slated to begin last year but could not be started due to global sanctions on Moscow, The Express Tribune reported.
Cash-strapped Pakistan has been reeling under an energy crisis, with increasing requirements of oil and gas amid inflating the current account deficit because of oil payments.
The Pakistani daily said the procurement of oil has long been a centre of local politics, particularly after former premier Imran Khan's visit to Russia only a day before it launched its war on Ukraine in February last year. (ANI)Get a daily dose of San Jose Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to San Jose Sun.
More InformationABU DHABI, 3rd July, 2025 (WAM) -- The Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) and the National Basketball Association...
Washington DC [US], June 30 (ANI): Taylor Swift and Travis Kelce were recently spotted spending quality time together in New York....
Washington [US], June 29 (ANI): Justin Bieber's little bundle of joy, son Jack Blues, who is just 10 months old, seems to be already...
BEIJING, June 28 (Xinhua) -- Here are the latest Chinese sports headlines from the past week: 1. China's Wang Xinyu finishes runner-up...
ESPN's extensive programming surrounding the 2025 college football season kicks off with coverage of conference media days throughout...
ESPN today announced an update to its 2025 Sunday Night Baseball Presented by Capital One schedule. On July 20, the American League-leading...
NEW YORK, New York -U.S. stock markets closed with broad gains on Thursday, led by strong performances in U.S. tech stocks, while European...
LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...
PARIS, France: L'Oréal is making a fresh play in the booming premium haircare segment with a new acquisition. The French beauty conglomerate...
MENLO PARK, California: Robinhood is giving European investors a new way to tap into America's most prominent tech names — without...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...