Within the next three days, Pakistan is expected to receive its first oil supply from Russia, a historic milestone that would provide much-needed assistance to the country’s struggling economy and its populace.
During a news conference held in Islamabad, Musadik Malik, the minister of state for petroleum, announced that the one lac tonne shipment will soon arrive.
The Minister underlined the adoption of Pakistan’s new greenfield oil refining strategy during the press conference, which is anticipated to draw investment and boost the country’s economy.
The plan calls for the construction of additional refineries in special economic zones, as well as tax breaks and protection for investors under the Foreign Investment Act.
The Minister also discussed the nation’s energy security objectives, including the LPG Airmix strategy, which aims to send LPG to places without gas.
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The Minister emphasised that Pakistan now consumes between 20 and 21 million tonnes of fuel and diesel annually. The country’s oil needs are met by local refineries to a greater extent than its furnace oil use, which is falling. The estimated yearly consumption of petrol and diesel in Pakistan is 33 million tonnes by 2032.
Regarding the impending cargo, the Minister said that the Russian crude oil vessel is anticipated to arrive in Oman between May 27 and 28. Smaller ships will then be used to deliver the oil to Pakistan. A huge milestone will be reached for the nation with the first cargo, which will provide 100,000 tonnes of oil.
The Minister emphasised that Pakistan now consumes between 20 and 21 million tonnes of fuel and diesel annually. The country’s oil needs are met by local refineries to a greater extent than its furnace oil use, which is falling. The estimated yearly consumption of petrol and diesel in Pakistan is 33 million tonnes by 2032.
Regarding the impending cargo, the Minister said that the Russian crude oil vessel is anticipated to arrive in Oman between May 27 and 28. Smaller ships will then be used to deliver the oil to Pakistan. A huge milestone will be reached for the nation with the first cargo, which will provide 100,000 tonnes of oil.
The Minister expressed confidence that the International Monetary Fund (IMF) would not object to the inexpensive petrol package for the disadvantaged, in response to worries about possible objections.
