Pak-Russia IGC deals to help reduce oil, gas prices: Ayaz Sadiq

ISLAMABAD: Federal Minister for Financial Affairs Sardar Ayaz Sadiq mentioned Wednesday that the finalisation and implementation of offers below the Pakistan-Russia Inter-Authorities Fee (IGC) would end in a major discount within the costs of oil and fuel within the nation.

In keeping with a press launch issued by the Financial Affairs Division, the federal minister was referred to as on by the Ambassador of Russia to Pakistan, Danila Ganich.

Final yr, Pakistan’s authorities despatched officers to Russia, after which the Pakistani state minister for petroleum mentioned Russia would promote crude oil to Pakistan at a reduced charge.

In in the present day’s assembly, the minister appreciated the progress achieved throughout IGC and shared that these offers have been within the curiosity of each international locations.

He additionally highlighted the bilateral, financial and historic ties between Pakistan and Russia and mentioned each side have all the time loved excellent bilateral relations based mostly on mutual respect, belief and curiosity.

On the event, the ambassador expressed his deepest gratitude to the minister and the federal government of Pakistan for facilitating the Russian delegation throughout IGC and shared that Russia goals to make the most of the complete potential of commerce with Pakistan.

Either side reaffirmed their dedication to augmenting superior collaborations for the great of economies, cultural change and mutual help to attain a major comparative benefit.

Russian oil import begins in March

Following the conclusion of the annual IGC held between Pakistan and Russia, the 2 sides agreed on late March because the timeline for crude oil export.

Confirming the information, Minister of State for Petroleum Musadik Malik revealed that Pakistan needs to import 35% of its complete crude oil requirement from Russia.

Russia’s Vitality Minister Nikolay Shulginov, who visited the nation, mentioned that Pakistan would pay for power purchases in currencies of pleasant international locations.