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Pakistan and Russia agreed to complete the export process by end of March 23
Both countries agreed on Friday to complete an oil and gas export process by end of March 23. With Islamabad paying in “currencies of friendly countries” instead of US dollars.
Russian Energy Minister Nikolay Shulginov said the two countries also agreed to explore additional possibilities of cooperation.
“We have discussed the financial and banking cooperation, and we have agreed that the payments will be made in the currencies of friendly countries,” he said without explaining.
Shulginov’s comments came at a news conference alongside Federal Minister for Economic Affairs of Pakistan, Ayaz Sadiq.
A combined statement said the two sides took the opportunity to reiterate their pledge to a strong and wide-ranging economic relationship.
The eighth Session of the Pakistan-Russia Inter-Governmental Commission on Trade, Economic, Scientific and Technical Cooperation (IGC) was held Jan 18 – 20 in Islamabad, led by Sadiq and Shulginov. Senior-level delegates, including ministers and officials from both sides, joined the session
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The Commission established that relevant ministries and departments from both sides will strongly follow up to achieve the potential for common prosperity.
Islamabad and Moscow also decided after agreement on technical specifications were achieved. Both countries will plan for oil and gas trade transactions having a joint economic benefit for both countries. As per the statement the process will be completed by March
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The two countries also decided to work on a “Comprehensive Gas Infrastructure Plan for Energy Cooperation,”. It would form the basis for future work and will be completed in 2023.
The Russian delegation arrived in Islamabad. It is a follow up visit for a recent visit by a Pakistani delegation. That delegation was led by Minister Musadik Malik to Moscow in December. The delegation-initiated talks for the procurement of oil and gas at discounted prices.