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Minister says Pakistan wants to buy 100,000 tonnes of oil every month from Russia
Minister of State for Petroleum Musadik Malik on Saturday said that Pakistan will purchase one spot Liquefied Natural Gas (LNG) cargo from Azerbaijan every month.
During an informal conversation with journalists in Karachi, he said that Pakistan and Azerbaijan will sign a historic LNG agreement on July 24.
The minister said that they will also purchase 12 LNG cargo ships from Azerbaijan.
In addition to the LNG contract, Malik also shared that $14 billion investment agreement with Saudi Arabia in refinery sector will be signed before the incumbent government completes its term.
Russian oil, cheap gas
The minister said that Pakistan wants to buy 100,000 tonnes of oil every month from Russia while they want to purchase 1.2 million tonnes annually.
He added that all commercial matters with Russia have been settled while reiterating that the US has no reservations about it.
During the conversation, Malik expressed his opposition to providing cheap gas to the fertiliser sector.
He proposed the removal of subsidies to the fertiliser industry and advocated redirecting these benefits to the farmers directly.
He said that the fertiliser sector consumes around 1500 MMcfd gas in the country and their agreements for cheap gas are reaching expiry.
Malik indicated that new contracts for supplying gas to the fertiliser sector will be negotiated on different terms to ensure a more equitable and efficient system.
The government is keen on implementing a new policy to provide cheap LNG to industries and a meeting has been scheduled with industrialists to discuss the details and benefits of this initiative, he told.
The minister highlighted large-scale smuggling of petrol and diesel in the country and informed that Pakistan is incurring losses of up to Rs120 billion due to this illegal practice.
www.samaaenglish.tv
Minister of State for Petroleum Musadik Malik on Saturday said that Pakistan will purchase one spot Liquefied Natural Gas (LNG) cargo from Azerbaijan every month.
During an informal conversation with journalists in Karachi, he said that Pakistan and Azerbaijan will sign a historic LNG agreement on July 24.
The minister said that they will also purchase 12 LNG cargo ships from Azerbaijan.
In addition to the LNG contract, Malik also shared that $14 billion investment agreement with Saudi Arabia in refinery sector will be signed before the incumbent government completes its term.
Russian oil, cheap gas
The minister said that Pakistan wants to buy 100,000 tonnes of oil every month from Russia while they want to purchase 1.2 million tonnes annually.
He added that all commercial matters with Russia have been settled while reiterating that the US has no reservations about it.
During the conversation, Malik expressed his opposition to providing cheap gas to the fertiliser sector.
He proposed the removal of subsidies to the fertiliser industry and advocated redirecting these benefits to the farmers directly.
He said that the fertiliser sector consumes around 1500 MMcfd gas in the country and their agreements for cheap gas are reaching expiry.
Malik indicated that new contracts for supplying gas to the fertiliser sector will be negotiated on different terms to ensure a more equitable and efficient system.
The government is keen on implementing a new policy to provide cheap LNG to industries and a meeting has been scheduled with industrialists to discuss the details and benefits of this initiative, he told.
The minister highlighted large-scale smuggling of petrol and diesel in the country and informed that Pakistan is incurring losses of up to Rs120 billion due to this illegal practice.
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