[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Pakistan is scheduled to receive its first cargo of oil from Russia within the next three days, providing much-needed assistance to the cash-strapped country and its people.
Musadik Malik, Minister of State for Petroleum, verified the arrival of the one-lac-ton shipment during a press briefing in Islamabad.
During the press conference, the Minister also emphasised Pakistan’s new greenfield oil refining policy, which is expected to attract investment and boost economic growth.
The concept envisions the construction of additional refineries in special economic zones, as well as tax breaks and investor protection under the Foreign Investment Act.
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In addition, the Minister provided insights into the country’s energy security initiatives, such as the LPG Airmix strategy, which aims to supply LPG to areas without gas supplies with the assistance of the private sector.
The Minister emphasised Pakistan’s existing yearly need for petrol and diesel, which ranges between 20 and 21 million tonnes. While domestic refineries meet half of the country’s oil needs, use of furnace oil is falling. Pakistan’s yearly consumption of petrol and diesel is expected to reach 33 million tonnes by 2032.
In terms of the impending shipment, the Minister stated that the crude oil vessel from Russia is scheduled to arrive in Oman between May 27 and 28. Smaller ships will transfer the oil to Pakistan from there. The first shipment will bring 100,000 tonnes of oil, marking a key milestone for the country.
Concerned about potential objections from the International Monetary Fund (IMF) to the affordable petrol package for the poor, the Minister expressed confidence that such objections would not be raised.[/vc_column_text][/vc_column][/vc_row]
