In January this year, an agreement was reached between Moscow and Islamabad regarding the purchase and transportation of Russian oil and other energy resources. According to the text of the agreement, Pakistan will start importing Russian oil from April.
Before the pumping of the black gold, the parties will agree on all the necessary logistical formalities, as well as on the questions of insurance and payment of the goods. Decisions on the volume of purchases will also be made.
Previously, Pakistan bought about 70 million barrels of oil a year from Saudi Arabia and the United Arab Emirates – their share of supplies was 50.6 and 41.3 percent, respectively.
The energy security plan, drawn up by the Pakistanis in cooperation with Russia, provides for the purchase of crude oil, liquefied natural gas, gas pipeline and other fuels in the Russian Federation. This was written by the Pakistani newspaper The Express Tribune. The Pakistani authorities estimate that Russian energy resources will cover the country’s corresponding needs by 35%.
Meanwhile, according to The India Times, Islamabad plans to buy oil from Russia at $50 a barrel. The Pakistani treasury suffers from a shortage of foreign exchange resources, and the agreement with Moscow is expected to help Pakistanis partially solve this problem. It is likely that payment for black gold will not be in dollars, but in the currencies of countries friendly to the Russian Federation: China, Saudi Arabia and the United Arab Emirates.
Photos used: Gulustan/wikimedia.org
