LAHORE: Minister of State for Petroleum Musadik Malik said that nation needs ray of hope. Addressing presser, Malik said work of drilling wells will be initiated through budding in coming days. The government was doing everything it could to meet country’s energy requirements, added Musadik.

He vowed circular debt in line with LNG will soon be zero. “New policy is being developed. Every oil business that operates efficiently and effectively will work in country”, maintained Malik. Earlier, Malik had told Reuters that Pakistan paid for its first government-to-government import of discounted Russian crude in Chinese currency, but avoided disclosing commercial details of deal, including pricing or discount that Pakistan received. Malik said prices of petroleum products would start decreasing once continuous supply of oil from Russia was ensured.

There was going to be huge difference in prices with benefit being transferred to masses when Pakistan would start meeting one-third of domestic needs through imported Russian oil, he added.

Published in The Daily National Courier, June, 29 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.