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Pakistan to import Russian oil from March

Islamabad, Moscow agree to lay ‘foundation of new relationship'

05:55 PM | 20 Jan, 2023
Pakistan to import Russian oil from March
Source: PID

ISLAMABAD – State Minister for Petroleum Musadik Malik on Friday confirmed that Pakistan would start importing crude oil from Russia from March this year in forehand preparations to meet energy demands in summer season.

His statement comes as the annual Pakistan-Russia Intergovernmental Commission session concluded today after three-days of talks between the visiting Russian delegations and Pakistani officials. Russian Energy Minister Nikolay Shulginov led the Russian delegation to Pakistan months after the officials of the South Asian country visited Moscow for talks on import of oil and gas.

Musadik Malik, according to reports, said Pakistan wanted to import 35 percent of its total crude oil requirement from Russia. He also shared that currently Russia could not provide liquefied natural gas (LNG) to Pakistan due to prior commitments.

Meanwhile, the Russian minister said Pakistan will pay for energy purchases in currencies of friendly countries.

Earlier, Minister for Economic Affairs Division Sardar Ayaz Sadiq said both countries had agreed to sign few agreements for promotion of cooperation in diverse fields, adding that some more agreements are also in the pipeline.

He said the 8th session of Pakistan-Russia Inter-governmental Commission is going to lay foundation of a new relationship between Pakistan and Russia in the areas of economy, trade, technology, education and business to business transactions.

Sardar Ayaz Sadiq said both sides during the Inter-governmental Commission meeting discussed cooperation in range of areas including rail transportation, food security, aviation, education, oil and gas, natural resources and opening up of financial arrangements between the two countries.

The minister said that there will be significant announcements in the energy field as well.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 20 Feb 2024

Pakistani currency remained largely stable against US dollar and other currencies in the open market on February 20, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.05 for buying and 282.1 for selling.

On Tuesday, Euro stands at 301 for buying and 304 for selling while British Pound rate stands at 352.4 for buying, and 355.4 for selling.

UAE Dirham AED hovers at 76.55 whereas the Saudi Riyal saw slight increase, with new rates at 74.2.

Today’s currency exchange rates in Pakistan - 20 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.05 282.1
Euro EUR 301 304
UK Pound Sterling GBP 352.4 355.4
U.A.E Dirham AED 76.55 77.25
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 180 182
Bahrain Dinar BHD 743.12 751.12
Canadian Dollar CAD 206.5 208.5
China Yuan CNY 38.84 39.24
Danish Krone DKK 40.24 40.64
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.48 3.59
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 906.33 915.33
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 170.1 172.1
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.75 733.75
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 207
Swedish Korona SEK 26.85 27.15
Swiss Franc CHF 315.64 318.14
Thai Bhat THB 7.93 8.08

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