Islamabad, Dec 4: Pakistan will begin importing Russian crude oil at discounted rates from January 2025, following an agreement reached during the Inter-Governmental Commission (IGC) meeting in Moscow. Federal Minister for Energy Sardar Awais Leghari led Pakistan’s delegation for the discussions.
Under the deal, Pakistan Refinery Limited (PRL) will import 12 cargoes annually through a government-to-Government arrangement.
Profits from the arrangement will be reinvested in upgrading the refinery under the Brownfield Policy. Payment mechanisms have been secured with the support of the Governor of the State Bank of Pakistan to ensure seamless banking transactions.
The meeting also addressed regional rail connectivity with Central Asia and the delayed $3 billion Pakistan Stream Gas Pipeline project.
Final agreements on these topics are anticipated today, December 4.
