Published • loading... • Updated
Pakistan Mulling Purchase of Cheaper Oil, Gas From Iran: Petroleum Minister
Pakistan says cheaper Iranian crude could cut import costs by up to $340 million and help lower fuel prices as sanctions ease.
- On Sunday, Federal Minister Petroleum Ali Pervez Malik announced that Pakistan is considering importing cheaper oil and gas from Iran following the recent easing of United States sanctions on Tehran.
- The "Islamabad Memorandum of Understanding," signed in Switzerland on June 17 by the United States and Iran, mandated immediate sanctions waivers through the Treasury Department for Iranian crude exports and derivatives.
- Sourcing 10-20 percent of petroleum requirements from Iran could generate $170-340 million in import cost savings for Pakistan, while the government announced that previously suspended RLNG connections will be restored soon.
- Prime Minister Shehbaz Sharif reduced petrol by Rs74 and high-speed diesel by Rs67, with Malik stating these benefits exceeded global reductions and helped citizens recover from recent difficult times.
- Industry experts cite high furnace oil yields and limited local demand as operational challenges, though Malik remains optimistic, stating, "Good times are coming now," regarding energy prospects.
Insights by Ground AI
16 Articles
16 Articles
Pakistan to consider buying Iranian oil after lifting of sanctions: Rana Tanveer
LAHORE - Federal National Food Security and Research Minister Rana Tanveer Hussain on Sunday said that Pakistan would consider purchasing oil from Iran once the sanctions imposed on the country are lifted, adding that an end to the recent conflict would contribute positively to Pakistan’s economic outlook.
·Lahore, Pakistan
Read Full Article
4th of July SaleGet 40% off Vantage subscriptions for yourself or a friend.Get Started
Coverage Details
Total News Sources16
Leaning Left1Leaning Right5Center0Last UpdatedBias Distribution83% Right
Bias Distribution
- 83% of the sources lean Right
83% Right
L 17%
R 83%
Factuality
To view factuality data please Upgrade to Premium
