Payment to Russia in Chinese currency a significant change: Senate Petroleum Committee chief

Quetta: Pakistani Chairman Senate Standing Committee for Petroleum and Resources Senator Abdul Qadir has said that Pakistan had paid for cheap crude oil from Russia in Chinese currency, which was a significant change in the country’s policy of export payments dominated by the US dollar.

In principle, the way for China to trade crude oil in Chinese Currency is open, he maintained adding that the benefit of oil should be reached to the public. After refining Russian oil, petroleum products should be cheaper by Rs 35 to 40, he remarked.

In a statement issue here, Qadir stressed that collective measures would be taken for economic development of the country. “With the arrival of Russian crude oil and gas, where Pakistan’s energy needs will be met, the pressure on the economy will also be reduced to some extent,” he remarked.

He informed that so far, an agreement had been signed with Russia for the purchase of 100,000 tons of oil and this oil was to be brought to Pakistan in two ships.

“For the first time in the 75 years history of Pakistan, a Russian crude oil ship has reached Pakistan and the second ship will also arrive Pakistan by next week,” he noted.

Qadir said that European countries should also be discussed to set up LNG plants in Pakistan and the TAPI gas pipeline agreement was also a major development.

The Senator said that it was also very gratifying that the revolving credit of the country’s gas has been cleared, after the crude oil, the first shipment of LNG from Russia has reached Pakistan through Torkham border.

“Azerbaijan will supply cheap LNG cargo every month. Green hydrogen and ammonia will also be brought from the US,” he stated.