Pakistan may import up to 1m tonnes of Russian oil per year

MOSCOW (Reuters) - Mohammad Ali, Pakistan’s caretaker energy minister, has said that Islamabad was considering signing a long-term deal to buy between 0.7 million and 1 million tons (up to 20,000 bpd) of Russian oil per year, the TASS news agency reported.

Pakistan’s first cargo, imported by the government, arrived in June and a second government-to-government shipment is under negotiation. Oil and energy make up the largest portion of Pakistan’s import bill and the country is struggling with a balance of payments crisis due to dwindling foreign reserves.

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