Musadik Masood Malik, state minister for petroleum in Pakistan since 28 April 2022.
Newsnomics AJAY ANGELINA reporter | Russia agreed to provide “crude oil” to Pakistan at maximum
discounted rates and is setting up new factories for “the production of LNG” to begin long term contracts for 2025 and 2026.
Pakistan state minister of Petroleum Musadik Masood Malik has revealed on Tuesday, a delegation from
Moscow, Russia is scheduled to visit Islamabad, Pakistan on January 20, moves ahead with much-anticipated
deal of providing Russian crude oil to Pakistan at discounted rate.
Malik, a day earlier on Monday Nov 5 announced, Russia agreed to provide crude oil as well as petrol and
diesel to Pakistan at maximum possible discount rates. "Our visit to Russia turned out to be more successful
than expectations".
Expensive fuel is one of Pakistan’s top issues with a cash-strapped economy hard-pressed to finance its
growing energy needs.
Speaking about the potential import of liquefied natural gas (LNG), Malik said “The Russian government is
setting up new factories for the production of LNG and they have invited Pakistan to begin talks on long-term contracts for 2025 and 2026.”
“Acting in the best interest of Pakistan, the government approached Russia to resolve fuel woes. We will solve
the energy problem. We will begin talks with Russian governmental companies soon.” Malik spoke in the
press conference.
Malik also clarified that the shortage of gas for residential and commercial consumers in the ongoing winter
season is creating difficulties, and the supply of fuel to the customers is higher than last year.
“Pakistan economic growth rate is 5-6%, whether the energy needs are growing higher by 9-10%.”
He clarified.
As per data provided by the State bank of Pakistan (SBP), Pakistan imported petroleum products worth $7.547 billion during the first four months of the ongoing fiscal year 2022.
