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.
16 Articles
16 Articles
Govt mulling purchasing cheaper oil, gas from Iran: Malik
KARACHI: Petroleum Minister Ali Pervaiz Malik on Sunday said that Pakistan was “considering” purchasing cheaper Iranian oil and gas. The option of sourcing Iranian crude oil supplies has again become available to Pakistan after a temporary easing of US sanctions on Tehran. By availing this opportunity, Pakistan could source discounted crude and refine it locally to produce higher-value petroleum products. Sourcing crude oil from Iran could gener…
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.
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