Pakistan will start importing oil and gas from Russia in March on terms that ensure “mutual economic benefit,” the nations said in a joint statement on Friday.
Since launching its military offensive against Ukraine, Moscow has been subjected to Western economic sanctions and has slashed its hydrocarbon shipments to Europe, turning to Asia to compensate.
“Both parties agreed that after consensus on the technical specifications reached, the oil and gas commercial transaction will be structured in such a way that it is of mutual economic benefit to both countries,” the statement said.
“The process will be completed in March,” he added.
It followed the end of a three-day visit by Russian Energy Minister Nikolay Shulginov to Islamabad.
The Pakistani government announced in early December that Russia had agreed to export oil to energy-hungry Pakistan at a reduced price.
Russian crude has been subject since December to a European shipping embargo and a price cap decided by the EU, the G7 and Australia, two measures aimed at depriving Moscow of significant revenue.
In response, Russia announced that it would ban the sale of its oil to foreign countries that comply with the price cap starting February 1.
Pakistan, which relies on most of its energy imports from friendly Gulf countries, has long been plagued by power shortages due to a combination of factors including a poor economy, mismanagement and a lack of facilities. storage.
Cargo shedding this winter has affected households and domestic industries, including textile manufacturing, one of Pakistan’s biggest industries, with some plants temporarily closed.
