Pakistan Agrees to Import Russian Crude Oil on a Discount

Pakistan has agreed to import Russian crude oil at a discounted rate from January 2025 onward after receiving offer during the Inter-Governmental Commission (IGC) meeting in Moscow. Federal Minister for Energy Sardar Awais Leghari led the delegation to Moscow for this agreement, reported a national daily. This deal will involve Pakistan Refinery Limited (PRL) importing 12 cargoes annually under a Government-to-Government arrangement. The profit generated from this deal will be reinvested into the refinery’s upgrade project through government-led incentives under the Brownfield Policy. The payment mechanism was addressed with the help of the Governor State Bank of Pakistan to ensure smooth transactions via banking channels. Both sides also discussed rail connectivity with Central Asia and the delayed $3 billion Pakistan Stream Gas Pipeline project. Final agreements on these matters are expected to be signed on December 4 (today).