Pak-Russia IGC deals to help reduce oil, gas prices: Ayaz Sadiq

admin 16 February, 2023
Updated 2023/02/16 at 6:42 AM
2 Min Read
Federal Minister for Economic Affairs Sardar Ayaz Sadiq right with Russian Ambassador to Pakistan Manila Ganich in Islamabad on February 15 2023

Ayaz Sadiq meets Russian Ambassador to Pakistan Danila Ganich

ISLAMABAD: Federal Minister for Economic Affairs Sardar Ayaz Sadiq stated Wednesday that the finalisation and implementation of deals below the Pakistan-Russia Inter-Government Commission (IGC) could bring about a extensive reduction within the expenses of oil and fuel inside the united states of america.

According to a press launch issued by using the Economic Affairs Division, the federal minister became called on by using the Ambassador of Russia to Pakistan, Danila Ganich.

Last year, Pakistan’s authorities sent officials to Russia, after which the Pakistani kingdom minister for petroleum said Russia might promote crude oil to Pakistan at a discounted charge.

In latest assembly, the minister favored the development finished all through IGC and shared that these offers were inside the interest of both countries.

He additionally highlighted the bilateral, monetary and historical ties between Pakistan and Russia and stated both aspects have constantly enjoyed high-quality bilateral members of the family based totally on mutual recognize, agree with and hobby.

On the event, the ambassador expressed his inner most gratitude to the minister and the government of Pakistan for facilitating the Russian delegation at some stage in IGC and shared that Russia goals to make use of the total capacity of exchange with Pakistan.

Both sides reaffirmed their dedication to augmenting advanced collaborations for the best of economies, cultural trade and mutual assistance to obtain a large comparative advantage.

Russian oil import starts in March

Following the conclusion of the annual IGC held between Pakistan and Russia, the two sides agreed on late March as the timeline for crude oil export.

Confirming the news, Minister of State for Petroleum Musadik Malik revealed that Pakistan wants to import 35% of its total crude oil requirement from Russia.

Russia’s Energy Minister Nikolay Shulginov, who visited the country, said that Pakistan would pay for energy purchases in currencies of friendly countries.

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