State Minister for Petroleum Musadik Malik announced that Russia would subsidize Pakistan’s crude oil, gasoline, and diesel.
At a press conference today, the petroleum minister indicated that discussions between Pakistan and Russia advanced with the country’s best interests in mind.
This is the crude oil that refineries use to generate diesel and gasoline. Russia will also offer discounted gasoline and fuel to Pakistan, he said.
He said all energy sector issues would be resolved with inexpensive Russian fuel.
According to Malik, Russia was low on liquefied natural gas (LNG) due to “international pressure,” so he arranged a meeting between the delegation and private enterprises. He reported that discussions with Russian corporations had begun.
Malik claimed that the Russian government was constructing LNG production facilities and asked Pakistan to begin discussions on long-term deals for 2025-26.
He asserted that Russia was interested in supplying Pakistan with natural gas through the pipeline and that discussions between the two nations over constructing two gas pipelines had begun.
According to the minister, a Russian intergovernmental group led by the country’s energy minister will visit Pakistan in January of next year.
Malik added that the supply of natural gas from Pakistani wells was falling by 8-10% annually while the demand was rising.
However, the minister stated that “gas delivery continues despite the increase in demand, and companies also have tight directives to assure gas supply,” He added that the gas provision was greater than in the previous year and was continually monitored.
“Pakistan must be self-sufficient in all sectors, and our objective must be to embark on the road to progress,” he said.
Malik stated that Pakistan’s economy should expand by 5 to 7 percent and that global economic expansion necessitates an additional 1 to 1.5 percent of energy.
“Each year, we must grow energy by 8 to 10 percent to provide jobs for young people. “Development requires energy,” stated the state minister, adding that the government will focus on expanding the energy supply.