Pakistan Signs Agreement with Russia to Import Oil at $60 per Barrel

Caretaker Minister for Energy Muhammad Ali on Thursday said that Pakistan had inked an agreement with Russia to import oil.

According to the agreement Pakistan will import oil from Russia at 60 dollars per barrel, he said while talking to a private television channel. ARMCO is also interested in establishing a refinery in Pakistan, he added.

In reply to a question about high gas prices in Pakistan, he said, we are still providing cheap gas to consumers.

Commenting on reforms in the energy sector, he said that caretaker government has launched a crackdown against power theft. All out efforts are being made to stop power pilferage from different parts of the country and Rs 10 to 15 billion have been recovered.

To a question about DISCOs, he said, we cannot sell out DISCOs on cheap prices. He said measures have been taken to privatize the sick units in Pakistan.