Oil Refineries facing difficulties

Pakistan to buy oil from Russia soon

The increasing prices of oil in the global market and the dependance of Pakistani economy on oil has proven to be a huge problem for Pakistan especially in recent months.

In this condition Russia has been in a position to offer oil at low cost but Pakistan has been hesitant till now considering the global political ramifications. Now the government is moving towards developing a mechanism to buy cheap priced oil from Russia.

This was revealed by Finance Minister Ishaq Dar while addressing a political party gathering in Dubai. He said that during his recent trip to America he had discussed the possibility of buying cheap priced oil from Russia just like the neighbouring country India has been doing.

The US officials said they are set to build a G7 platform to fix the Russian oil purchase rate, he added. The finance minister said it will soon be possible to buy oil from Russia under the terms set by Delhi.

The cheaper oil will not only decrease the cost of transportation in Pakistan but will also positively affect the industries in the country. The cost of electricity is also expected to decrease significantly once the Russian oil lands in Pakistan.