In a significant development, Pakistan is set to receive its first-ever shipment of oil from Russia within the next three days, offering much-needed relief to the cash-strapped nation and its general public.
Minister of State for Petroleum, Musadik Malik, confirmed the impending arrival of the one-lac-ton shipment during a press conference held in Islamabad.
During the presser, the Minister also highlighted the approval of Pakistan’s new greenfield oil refining policy, which is expected to attract investment and stimulate economic growth.
The policy envisions building new refineries in special economic zones, providing tax exemptions and investor protection under the Foreign Investment Act.
Furthermore, the Minister shared insights into the country’s energy security goals, including the LPG Airmix policy aimed at supplying LPG to areas without gas supply with the help of the private sector.
The Minister emphasized Pakistan’s current annual demand for petrol and diesel, which stands at approximately 20 to 21 million tons. While local refineries account for half of the country’s oil requirements, the consumption of furnace oil is declining. By 2032, it is projected that Pakistan’s annual consumption of petrol and diesel will reach 33 million tons.
As far as the incoming shipment is concerned, the Minister disclosed that the crude oil vessel from Russia is expected to arrive in Oman between May 27 and 28. From there, the oil will be transported to Pakistan using smaller ships. The initial shipment will deliver a hundred thousand tons of oil, marking a significant milestone for the country.
Addressing concerns about potential objections from the International Monetary Fund (IMF) regarding the affordable petrol package for the underprivileged, the Minister expressed confidence that such objections would not arise.
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