Pakistan will buy petroleum products from Russia at the same terms as India and western countries should have no objection.
Addressing a press briefing on Sunday, Finance Minister Ishaq Dar reiterated the coalition government’s intention on Russian crude and said the West cannot object to the import of the discounted fuel with Pakistan’s financial hardships of late and neighboring India doing the same.
Russian oil is cheaper than global oil prices and many regional countries are either importing from Russia or working on it. The previous government had also started due diligence on this process but could not move ahead. Now, the current government, despite pressure from the USA, has also started considering it.
“We told the American [State Department] officials that America cannot stop us from buying oil from Russia because our neighboring country India is also buying oil from Russia. The US officials said they are forming a G-7 platform that will determine the price of buying oil from Russia and that no one should buy oil from Russia at a higher price,” Dar stated.
He said Pakistan has financial ties with Saudi Arabia, China, and the United Arab Emirates and there will be “further improvement for Pakistan”. Dar informed the media that the recent bilateral meetings had resulted in Saudi Arabia establishing a refinery in Gwadar, Pakistan. This project was started in October 2015, but hit bottlenecks due to the political crisis, the minister recalled, adding that it will resume development soon.
On the subject of a market-determined exchange rate and the rupee’s performances of late, Dar promised that the government would keep the dollar-rupee prices stable. “We will try to depreciate the dollar below Rs. 200. Our government is determined to improve the rupee’s value against the dollar,” he said, adding that reforms were being implemented to get the country back on track.
“We will complete the IMF program. Around $32 to 34 billion are required for the current financial year. We hope to collect the amount,” he added.
