QUETTA, Jun 16 (APP):Chairman Senate Standing Committee for Petroleum and Resources Senator Abdul Qadir on Friday said 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 added.
In a statement issued here, he 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 said adding that the benefit of oil should be reached to the public. After refining Russian oil, petroleum products should be cheaper by 35 to 40 rupees, he added.
He said that the IMF has declared the levy of 50 rupees on petroleum products as insufficient and there was a fear of increasing the charge by 10 rupees.
He said that Pakistan needed to free itself from the clutches of the IMF, 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, the second ship will also arrive Pakistan by next week, he noted.
He 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 concluded.