Russian oil cargoes to start arriving from April, Senate told

• Musadik Malik said vessels carrying Russian oil would arrive in April
• He said commercial terms will be finalized by the end of March
• He said long-term contract for crude oil import is under discussion

ISLAMABAD: Minister of State for Petroleum Musadik Malik told Senate on Friday that vessels carrying Russian oil and crude products would start arriving in Pakistan from April this year,

Responding to a question in the Senate regarding the import of oil from Russia, the state minister said negotiations with National Shipping Corporation (NSC) were ongoing for transporting Russian oil.

Musadik Malik said commercial terms will be finalized by the end of next month and it is expected that Pakistan will start receiving oil from Russia in the month of April. He said the contract with Russia for the import of oil will help the country fulfill its 20 percent crude oil requirements.

He mentioned that high-level meetings were held between Pakistani and Russian delegates on trade of petroleum products in January. He added that a long-term contract for the import of crude s is under discussion with Russia.

He said matters including commercial terms, crude oil specification, freight arrangements and insurance coverage would be discussed in upcoming meetings. The details related to the import of Russian fuel would be finalized by March, he added.

He said imports of oil from Iran would be difficult due to sanctions imposed on the neighbouring country. He said currently some trade was going on with Iran on barter basis.

Cheap electricity

Meanwhile, Minister for Power Khurram Dastgir Khan said government is providing electricity to five export-oriented sectors at Rs19.99 per unit to enhance exports.

Responding to a question in the Senate, he said the government is also taking substantial measures to generate low-cost electricity in the country.

The minister said the government has abolished Sales Tax on solar panels. He said the government is introducing solar projects to alternate fossil fuels in energy production.

Dastgir said the federal government buildings are being solarized and micro solar grids for rural areas are also being introduced for provision of low-cost electricity.

To another question, the power minister said payments issues of K-Electric have been resolved.He said the federal government provides 1000-1100 megawatt electricity to the citizens of Karachi.

In his remarks, Minister of State for Law and Justice Shahadat Awan informed the House that work on Diamer Basha Dam, Mohmand Dam, Tarbela 5th extension, Harpo Hydropower project and Attabad Lake Hydropower project is underway.

He said after completion, these dams will be generating 6918 MW electricity. He said these dams will also be beneficial for the agriculture sector. He said construction of dams will be completed within the stipulated time of the projects.

The Upper House will now meet again on Monday at 3 PM.

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