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Potential Pak-Russia oil deal runs into hitches

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Pakistan and Russia's Uncertain Oil Deal

Pakistan and Russia's Uncertain Oil Deal

According to sources, Pakistan and Russia are doubtful to strike a long-term oil painting force deal as negotiations between the two sides have run into terms.

Pakistan had agreed to set up a special purpose vehicle (SPV) for importing oil painting from Russia, but the process has not been initiated yet.

Pakistan has requested Russia to execute a long-term oil painting transportation deal with attractive discounts, but Moscow is hesitant to enter into such an agreement.

Government officials are considering two options for a potential oil painting deal: setting up an SPV with state involvement or allowing the oil painting industry to make commercial deals with Russian enterprises.

Recently, Pakistan Refinery Limited (PRL) imported 100,000 tons of crude oil painting from Russia as a test case. Russian crude has higher volumes of furnace oil painting, but its demand has decreased significantly in Pakistan due to the switch to liquefied natural gas (LNG) by power plants.

Pakistan imported Urals crude directly from Russia, and the report on the derivatives produced by Russian oil painting will determine the government's decision on a long-term deal.

Pakistani refineries have faced challenges in finding consumers for furnace oil painting after the shift to LNG, resulting in shutdowns and losses for refineries.

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