Country needs ray of hope: Musadik

F.P. Report

LAHORE: Minister of State for Petroleum Musadik Malik said on Wednesday that the nation needs a ray of hope.

Addressing a presser, Malik said the work of drilling wells will be initiated through budding in the coming days.The government was doing everything it could to meet the country’s energy requirements, added Musadik.

He vowed the circular debt in line with the LNG will soon be zero.

“A new policy is being developed. Every oil business that operates efficiently and effectively will work in the country”, maintained Malik.

– Imported Russian oil –

Earlier, Malik had told Reuters that Pakistan paid for its first government-to-government import of discounted Russian crude in Chinese currency, but avoided disclosing the commercial details of the deal, including pricing or the discount that Pakistan received.

Malik said the prices of petroleum products would start decreasing once continuous supply of oil from Russia was ensured. There was going to be a huge difference in prices with the benefit being transferred to the masses when Pakistan would start meeting one-third of the domestic needs through the imported Russian oil, he added.