‘Holistic energy security plan’ by year end

Musadik says Pak-Russia to sign low-cost oil accord in March

ISLAMABAD:

Minister of State for Petroleum Dr Musadik Malik on Thursday said Pakistan would sign an agreement with Russia in March to get inexpensive crude oil besides a “holistic energy security plan” by the year end, which would be beneficial for both the countries.

“In March, all commercial terms of the agreement will be finalised with Russia, following which low-cost crude oil will start arriving in Pakistan. It will be beneficial for both [the] countries,” he said while addressing a news conference.

Besides, the minister said a “holistic energy security plan” between Pakistan and Russia would be completed by the year end, encompassing liquefied natural gas (LNG), piped gas and other petroleum products.

He said there was another agreement under which Pakistan would be able to buy spot LNG cargoes from two companies identified by Russia, during the next winter season.

Musadik said this year the government, under the dynamic leadership of Prime Minister Shehbaz Sharif, made an effective winter gas management plan that helped ensure better supply to domestic consumers as compared to the last 10 years.

He said there was no doubt that gas consumers faced difficulties due to gas shortage and low gas pressure, but the government made utmost efforts to minimise their sufferings.

The state minister said the government was making all-out efforts to ensure the availability of cost-effective fuel throughout the year so that the wheel of the national economy could move at a faster pace.

He said the government wanted to provide jobs to educated youth, improve health and education facilities for the common man by achieving the required pace of economic growth coupled with the availability of affordable energy.
Musadik expressed confidence that around $12-15 billion foreign investment would be arriving in the country’s oil refineries during the coming months, and its details would be shared in due course of time. “We are making efforts for attracting investment in the petroleum sector and ensuring energy security in the country,” he said.

He said the government was importing additional 20,000 tons of liquefied petroleum gas per month through Sui Southern Gas Company and Parco Pearl Gas LPG to facilitate the public during the current winter season.

He reminded that during the Pakistan Tehreek-e-Insaf (PTI) regime, only 20 per cent of the LPG terminals’ total capacity was being utilised, which caused gas shortages during the last winter season.

Musadik said Sui Northern Gas Pipelines Limited had been issued instructions to open LPG shops at the grassroots level to provide gas at the prescribed rate of Ogra and discourage the LPG mafia. “We have imported 20,000 tons of LPG extra every month to discourage black marketing and end monopoly of the private sector,” he added.

To meet the energy demand, he said, the government had prepared a plan in October last to provide gas supply to the public during the current winter season.
On the prevailing political situation, Musadik said it was unfortunate that the PTI government invoked Article 5 of the Constitution against opposition leaders who had moved a no-confidence motion against Imran Khan in the National Assembly.
The minister said the supreme leader of PML-N, Nawaz Sharif, was disqualified for not getting salary from his son’s company.

He regretted that Nawaz was not only removed from the post of prime minister but also asked to leave the top slot of his party, adding that Maryam Nawaz was awarded a sentence of seven years on fake charges.