Pakistan has conceded the offer of importing discounted Russian crude oil from January 2025, which was extended with the intention of signing under the Inter-Governmental Commission (IGC) meeting held in Moscow.
According to a leading national daily, Sardar Awais Leghari, Federal Minister for Energy, led the delegation to Moscow for such an undertaking.
This deal will allow Pakistan Refinery Limited (PRL) to receive twelve cargoes semi-annually under a Government-to-Government arrangement. The generated profitability from this deal will be reinvested in the refinery upgrade project through government-led incentives under the Brownfield Policy.
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While it was discussed, the State Bank Governor of Pakistan also helped in the successful establishment of smooth transactions through banking channels for the payment mechanism.
Both sides also discussed rail connectivity with Central Asia and the delayed $3 billion Pakistan Stream Gas Pipeline project. Today, December 4, the finalization on these matters is expected to be signed.