Friday, December 8, 2023

Pakistan & Russia Agreed to Pay for Russian Energy in Local Currencies

Recently, the country would pay for energy from Russia, which would be start in late march in currencies of friendly countries, a top Russian energy ministry official stated.

Nikolay Shulginov, Russia’s Energy Minister visited Pakistan for annual inter-governmental commission held between both the countries and stated that both the countried agreed on late March as the timeline for crude oil export to Pakistan.

Both the countries agreed to nourish energy cooperation, in order to enhance energy trade and broaden energy infrastructure investment based on strategic and favourable commercial terms.

The 8th session of the Pakistan-Russia Intergovernmental Commission in Islamabad. The session was headed by Minister for Economic Affairs Sardar Ayaz Sadiq and the Russian Energy Minister Nikolay Shulginov.

The two countries agreed that after consensus on technical specifications, the oil and gas trade transactions will be structured in a way that would benefits both countries. The process is set to be completed in March 2023.

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