Pakistan’s quest for a cheaper and alternate energy supplier has met some success.
The announcement was made by State Minister for Petroleum Musadik Malik that Russia has decided to provide crude oil, petrol, and diesel to Pakistan at discounted rates.
This understanding has come at a critical juncture as Pakistan is deep in distress on its economic front, owing to a stagnated economy and dip in forex reserves.
It is, nonetheless, little known what will be the mode of payment and relaxation space.
But what seems certain is that the dollar shall not be the fiat in order, and the intention is to keep alive the supply chain in terms of oil supplies, and that too on a reworked diplomatic viability.
Procuring oil and gas from Russia has been on the horizon of geo-economics for a long time.
Former prime minister Imran Khan’s desire to tap the Kremlin for oil and wheat supplies landed in a controversy in the backdrop of Moscow’s aggression over Kiev.
But Prime Minister Shehbaz Sharif too was never lost on its vitality, as sooner than later the coalition government defied international pressure to strike an amicable balance on its trade nexus with Russia.
Thus, the new realignment is a win-win situation for Pakistan’s interests, and will go a long way in upgrading frosty ties with Russia.
The Pakistani delegation also explored the possibility of liquefied natural gas (LNG), and placed an import order of 450,000 tonnes of wheat at the rate of $372 per tonne.
The Russian delegation is also reportedly due to visit Pakistan for the finalization of the deal with Islamabad. The deal with Russia for cheaper oil will greatly help Pakistan as the country is already facing shortage of dollars and the deal with Moscow will be a sigh of relief for the government and the people of Pakistan.
