MOSCOW: Independent Russian oil refiner Forteinvest has clinched a deal that will see Russian gasoline sent to Pakistan by land for the first time, two industry sources said on Friday, as Russian refiners seek alternative markets for motor fuels days before an EU import ban.
Forteinvest has sold to a trader an initial 1,000-tonne lot of gasoline from its Orsk plant for delivery to Pakistan and has more requests to supply gasoline, diesel and LPG to the country, the sources added.
The refined products will be shipped from the Orsk refinery in Russia’s Orenburg region near the Kazakhstan border to Afghanistan by rail and reloaded into tank trucks for delivery to Pakistan, as Russia and Pakistan don’t have direct rail connections, the sources said.
Forteinvest did not respond to a request for comment.
The move comes days ahead of a new set of Western sanctions, as G7 countries, and the 27-nation EU as a whole, seek to limit Russia’s revenue from oil exports without disrupting world supply.
A price cap on imported Russian oil products is due to come into force on Feb. 5, along with an EU import ban on Russia’s refined products.
Russia could start exporting oil to energy-starved Pakistan after March if terms are agreed, Russia’s energy minister said on Jan. 20.
Russia will sell crude, petrol and diesel oil to Pakistan at discounted prices, Pakistan’s state minister for petroleum said in December, days after he led a government team to Moscow to negotiate the deal. Pakistan’s foreign minister is due to hold talks in Moscow on Monday.
Historically, Pakistan has had no major commercial energy ties with Moscow. It currently depends on oil from Gulf countries, which often extend facilities such as deferred payments and can supply with lower transport costs, given Pakistan’s proximity.
In 2022, Russia shipped to Afghanistan by rail some 120,000 tons of gasoline from Orsk, Omsk, Salavat, Taneko and TAIF oil refineries, as well as some 41,000 tons of diesel of Belarusian origin and from Russian oil depots. Russia has also exported to the country some 104,000 tons of LPG, rail data shows.
Russian gasoline to be sent to Pakistan as EU import ban looms – traders
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Russian gasoline to be sent to Pakistan as EU import ban looms – traders
- Industry sources say Russian oil refiner Forteinvest is ready to send gasoline to Pakistan by land for the first time
- Pakistan’s foreign minister is expected to hold talks with Russian officials over a range of issues in Moscow next week
Pakistan to promote mineral sector at Saudi forum this month with 13 companies
- Delegation will take part in the Future Minerals Forum in Riyadh from Jan. 13-15
- Petroleum minister will lead Pakistan, participate in a 90-minute country session
ISLAMABAD: Around 13 Pakistani state-owned and private companies will attend the Future Minerals Forum (FMF) in Saudi Arabia from Jan. 13 to 15, an official statement said on Friday, as the country seeks to ramp up global engagement to develop its mineral resources.
The FMF is an international conference and investment platform for the mining sector, hosted by mineral-rich countries to attract global investors, companies and governments.
Petroleum Minister Ali Pervaiz Malik confirmed Pakistan’s participation in a meeting with the Saudi envoy, Nawaf bin Said Al-Malki.
Pakistan hosts one of the world’s largest copper-gold zones. The Reko Diq mine in southwestern Balochistan, with an estimated 5.9 billion tons of ore, is partly owned by Barrick Gold, which calls it one of the world’s largest underdeveloped copper-gold deposits. Its development is expected to boost Pakistan’s struggling economy.
“Upon an invitation of the Government of the Kingdom of Saudi Arabia, the Federal Minister informed the Ambassador that Pakistan will fully participate in the upcoming Future Minerals Forum (FMF), scheduled to be held in Riyadh later this month,” Pakistan’s Press Information Department (PID) said in an official statement.
The Pakistani minister will lead his country’s delegation at the FMF and take part in a 90-minute country showcase session titled “Unleashing Potential: Accelerating Pakistan’s Mineral Revolution” along with local and foreign investors.
Pakistan will also establish a dedicated pavilion to highlight the vast potential of its rich geological landscape to the global mineral community.
The Saudi envoy welcomed Pakistan’s decision to participate in the forum and discussed enhancing bilateral cooperation in the minerals and energy sectors during the meeting.
According to the statement, he highlighted the potential for cooperation between Saudi Arabia and Pakistan in the minerals and energy sectors, expressing confidence that the FMF would provide a platform to expand collaboration.
Pakistan’s mineral sector, despite its rich reserves of salt, copper, gold and coal, contributes only 3.2 percent to the country’s GDP and just 0.1 percent to global mineral exports.
However, many countries, including the United States, have shown interest in Pakistan’s underdeveloped mineral sector, particularly in copper, gold and other critical resources.
In October, Pakistan dispatched its first-ever shipment of rare earth and critical minerals to the United States, according to a Chicago-based US public relations firm’s report.
