Contrary to recent reports, Malik stated that no agreement has been made with Russia for cheap oil imports.

Reports had emerged from the Inter-Governmental Commission (IGC) meeting in Moscow, suggesting that Pakistan had agreed to import Russian crude oil at discounted rates. However, Malik denied these claims, saying that no such agreement was made between Pakistan and Russia.

An esteemed newspaper claimed in a report that during the IGC meeting, Pakistan had agreed to import oil at discounted price form Russia. The report suggested that Pakistan Refinery Limited (PRL) will import 12 cargos on January 2025. The profit from the trade will be utilised for upgradation projects of the refinery.

Petroleum minister vehemently dismissed the rumours as misleading, which were circulating regarding the import of crude oil from Russia. He further said that we would consider the deal if a suitable plan surfaced.

IGC meeting covered many other aspects including Railway connectivity route between Pakistan, Russian and Central Asian Republics and increasing the volume of bilateral trade.

It s worth noting that Pakistan had previously imported Russian oil at discounted rates in June 2023. However, no new agreement was confirmed or denied during the recent IGC meeting.