https://sputnikglobe.com/20241128/pakistan-russia-in-final-stages-of-finalizing-oil-payment-mechanism-1121028371.html
Pakistan, Russia Wrap Up Finalization of Oil Payment Mechanism
Pakistan, Russia Wrap Up Finalization of Oil Payment Mechanism
Sputnik International
Pakistan is interested in continuing to buy Russian oil and the process of working out a payment mechanism for oil supplies between the two countries is in its final stages, the speaker of Pakistan's National Assembly told Sputnik on Thursday.
2024-11-28T07:03+0000
2024-11-28T07:03+0000
2024-11-28T09:18+0000
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"Pakistan is very interested in purchasing Russian oil. Now we are in the final stage of working out the payment mechanism. I believe everything will be implemented, once it is agreed upon," Sardar Ayaz Sadiq said. Coordinator to Pakistani Prime Minister Rana Ihsaan Afzal Khan said in October that Pakistan planned to increase oil imports from Russia in the near future, with about 100,000 tonnes of Russian oil already purchased in 2023. Russia could become Pakistan's largest trading partner, both in terms of exports and imports, once all banking issues are settled, the speaker pointed out.The speaker also noted Pakistan’s intention to join BRICS as a partner nation, adding that Russia had supported the country’s application.
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Pakistan, Russia Wrap Up Finalization of Oil Payment Mechanism
07:03 GMT 28.11.2024 (Updated: 09:18 GMT 28.11.2024) MOSCOW (Sputnik) - Pakistan is interested in continuing to buy Russian oil and the process of working out a payment mechanism for oil supplies between the two countries is in its final stages, the speaker of Pakistan's National Assembly told Sputnik on Thursday.
"Pakistan is very interested in purchasing Russian oil. Now we are in the final stage of working out the payment mechanism. I believe everything will be implemented, once it is agreed upon," Sardar Ayaz Sadiq said.
Coordinator to Pakistani Prime Minister Rana Ihsaan Afzal Khan said in October that Pakistan planned to increase oil imports from Russia in the near future, with about 100,000 tonnes of Russian oil already purchased in 2023.
Former Russian Energy Minister Nikolay Shulginov said in October that Russia was discussing long-term oil supplies with Pakistan. Moscow also offered Pakistan to purchase liquefied natural gas (LNG), including from Novatek, on the spot market. Pakistani Energy Minister Muhammad Ali announced in 2023 that Islamabad was discussing signing a long-term oil supply contract with Russia, considering volumes of 0.7-1 million tonnes per year.
Russia could become Pakistan's largest trading partner, both in terms of exports and imports, once all banking issues are settled, the speaker pointed out.
"I believe that we have not fully realized each other's potential in terms of trade. The current trade of over 1 billion is not the maximum we could achieve," Sardar said.
The speaker also noted
Pakistan’s intention to join BRICS as a partner nation, adding that Russia had supported the country’s application.
Pakistan submitted an official to join BRICS in November 2023, and Islamabad said that it hoped for Moscow's support on the issue.
