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Russia willing to supply oil to Pakistan at a discounted rate: Musadik Malik

Mr Malik said that in January next year, another delegation of the government will visit Moscow to sign deal for crude oil import.

Russia willing to supply oil to Pakistan at a discounted rate: Musadik Malik:

Russia willing to supply oil to Pakistan at a discounted rate: Musadik Malik

ISLAMABAD: Russian government is willing to provide oil to Pakistan at a discounted rate _ less than the market’s price.

Minister of State for Petroleum, Musadik Malik disclosed this today in a press conference in Islamabad.

Petroleum Minister, who headed the delegation which recently visited Moscow to negotiate oil import at a discounted price, said that the visit of the Pakistani delegation was very fruitful.

Mr. Malik said that in January next year, another delegation of the government will visit Moscow to sign a deal for oil import _ crude oil, petrol, and diesel.

Worth noting is that from today (Dec 5), the US-led western countries alliance has enforced a price cap of $60 per barrel for the import of Russian seaborne crude oil.

Crude Oil, Cooking Oil, Fossil Fuel, Garbage, Oil Drum

Pakistan government is also seeking Russian oil around this price cap to take benefit from the low-cost fuel oil of Russia.

he Western countries joint decision of imposing a price cap of $60 a barrel on the import of Russian seaborne crude oil has come into force from today (Dec 5).

The European Union, G-7 and Australia have announced a price cap for Russia oil.

The decision aims at reducing ability of Russia to finance ongoing war against Ukraine.

Earlier, Russia turned down a $60 price cap announced by Ukraine’s Western allies. Russia also warned of a response to this price cap while Ukrainian President Volodymyr Zelenskyy said the price cap was “quite comfortable” for Moscow.

Dmitry Peskov, a Russian spokesman said that the price ceiling was not acceptable to Russia.

He said that Russia will analyze the situation before deciding on a response to the price cap.

On Saturday, the European Union, G7 countries, and Australia approved a cap of $60 per barrel for Russian seaborne oil.

The new price cap will come into force from today, Dec 5.

“The G7 and EU took a decision that will hit Russia’s revenues and may reduce its capability to intensify the war against Ukraine,” EU Commission President Ursula von der Leyen said.

She said, “It will also help us to stabilize global energy prices, benefitting countries across the world who are currently confronted with high oil prices.”

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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