Pakistan will buy rosneft at a discount

Pakistan will buy crude oil from russia at a reduced price due to the balance of payments crisis.

The Pakistani government did not specify the price of russian oil at a discount and did not say whether imports would meet the limit of $60 per barrel set by the G7 countries and the EU. In addition, russian federation will supply gasoline and diesel fuel to Pakistan at a discount, writes Reuters.

Also, the country’s government is already negotiating with russian private companies regarding the import of LNG.

“Their government has also invited Pakistan to start negotiations on long-term contracts for the purchase of liquefied natural gas,” Pakistan’s oil minister Musaddiq Malik said.

Oil and energy carriers make up the largest part of the country’s imports. With foreign exchange reserves of only $7.5 billion as of November 25, barely enough for a month’s imports, Pakistan’s economy faced a balance of payments crisis.