ISLAMABAD: Petroleum Minister Dr. Musadik Malik has denied reports of a crude oil deal with Russia, clarifying that no agreement has been reached with Moscow regarding the purchase of crude oil and termed such news as baseless.
Speaking to the media, he clarified, “Reports about a deal with Russia for crude oil are completely false. We have not reached any agreement with Russia regarding crude oil purchases.”
The minister further stated that Pakistan is not currently importing any crude oil cargo from Russia but is working on a framework to ensure affordable fuel for consumers.
On LNG matters, Dr. Malik announced that Pakistan will not procure additional LNG cargoes, stating that the country currently has surplus LNG supplies due to a decline in demand from power plants. He revealed, “Pakistan has already deferred five LNG cargoes from Qatar and is negotiating to defer five more under long-term agreements. Spot cargoes are not being purchased.”
Discussing the Saudi investments, the minister highlighted that Pakistan has signed Memoranda of Understanding (MoUs) worth $2.7 billion with Saudi Arabia, seven of which have been converted into agreements. He added that a Saudi company has expressed interest in investing $1.7 billion in Pakistan Refinery Limited (PRL).
“A roadshow held in Saudi Arabia for PRL saw participation from five Saudi companies,” Dr. Malik said, adding that another roadshow for establishing a new refinery in Pakistan is planned soon. He also noted progress on Saudi collaboration in providing skilled workforce and investment in Pakistan’s mining sector.
Regarding the Iranian gas pipeline project, Dr. Malik avoided direct comments but mentioned that discussions are ongoing. “If the United States provides a waiver for the Iran-Pakistan gas pipeline, Pakistan will benefit,” he stated.
Addressing local gas issues, the minister assured that the winter gas supply plan would be finalized in the coming days. He also noted that the Petroleum Division is working on deregulating the petroleum sector, aiming to protect consumers from price volatility.
Dr. Malik emphasized reforms in the Directorate General of Petroleum Concessions (DGPC), including digitization and a new approval framework for efficient operations.
On governance, he confirmed that transparent, merit-based appointments to the boards of oil and gas companies are underway, with 40 candidates shortlisted for review.
In response to a question about LNG pricing, he explained that aligning local and imported gas tariffs could boost industrial sector activity. He announced plans to introduce a blended gas tariff next year to promote economic revival.
The minister concluded by reiterating his focus on national interests and dismissed rumors about administrative changes in his ministry as baseless. He also noted Saudi companies’ growing interest in Pakistan’s energy and mining sectors, emphasizing the government’s efforts to attract foreign investment.
