In a major development towards the import of crude oil from Russia the Ministry of Energy has sought recommendations from local refineries with regard to the option of crude oil import from Russia.
Ministry of Energy (Petroleum Division), in a most immediate letter to the managing directors of local refineries including Pak-Arab Refinery Limited, National Refinery Limited, Pakistan Refinery Limited and Byco Petroleum Pakistan Limited, has asked to furnish a detailed analysis with regard to option of crude oil import from Russia along with recommendations.
According to the letter Ministry of Energy (Petroleum Division), local four refineries are asked to submit technical suitability of crude oil grades in view of each refinery configuration and yield (Vol %), quantity and grade of the subject crude to be required by the refinery, transportation/freight analysis for import from Russia in comparison with normal imports from middle east based on cost and benefit analysis, payment methodology and existing commitment of upliftment from Arab Gulf region with respect to term contracts.
It is pertinent to mention that former Prime Minister Imran Khan, after his ouster, has repeatedly been harping a mantra that his government was planning to import cheaper oil and wheat from Russia but they were sent packing through an American conspiracy.
However, reportedly there is no documentary evidence in the petroleum division of the Russian offer of cheap LNG, crude oil and POL products as repeatedly claimed by former premier Imran Khan. Even Minister of State for Petroleum Musadik Malik while rebuffing the former premier’s claim of getting oil from Russia at low price has many times stated that there is no such document available in the petroleum division to prove Khan’s claim.