HomeBusinessEconomyEnergy shortage: Pakistan purchases Russian oil

Energy shortage: Pakistan purchases Russian oil

Pakistan has turned to Russia for oil imports as a result of its acute economic problems and ongoing energy shortages. Musadik Malik, Pakistan’s petroleum minister, contends that energy diversification, particularly in the direction of renewable sources, holds the key to the industry’s future.

Malik stated that Pakistan had placed an initial order for Russian oil during his visit to the US, which will come in a month. Pakistan will evaluate the findings and decide how much more oil to purchase in the future depending on those results.

Pakistan has been open about its interactions with Russia. Pakistan imports 84% of its petroleum products, primarily from Gulf Arab allies Saudi Arabia and the United Arab Emirates. Malik claimed that India’s initial interactions with Moscow were significantly less than those of other nations, especially China and India, whose enthusiastic purchases of Russian oil have clouded India’s improving relations with the United States.

During his visit, Malik discussed with US firms the purchase of shale liquefied natural gas, the upgrading of Pakistani refineries and storage facilities, the exploration of offshore oil and gas, and the beginning of horizontal drilling, a technique that Pakistan has not yet employed.

However, he emphasised that as part of his discussions with the United States, he also discussed support for renewable energy sources, including a proposal for widespread rooftop solar power. This was in accordance with Pakistan’s objective of producing 30% of its electricity from renewable sources by 2030.

Also Read

As a result of last year’s floods, which submerged one-third of the country, Pakistan is one of the countries most vulnerable to climate change. During his visit to Pakistan, Geoffrey Pyatt, the assistant secretary of state for energy resources, pledged US support for that nation’s renewable energy targets.

Malik agrees with France24 that renewable energy sources hold the key to energy security in the future. Even though Pakistan only imports a small portion of Russian oil, the country is open to finding more affordable sources of energy.



- Advertisment -

Most Popular