Russia will start exporting crude oil to Pakistan after March, which Islamabad will pay for in currencies of "friendly countries," Russia's energy minister said on January 20, a move that could bring relief to the energy-starved South Asian country. Pakistan has been battling a balance-of-payment crisis, with foreign exchange reserves falling to $4.6 billion, barely enough to cover three weeks of imports -- mostly for oil. Pakistani officials and Russian Energy Minister Nikolai Shulginov, who is in Islamabad for an annual intergovernmental commission on trade and economy, did not specify the size of the planned purchases. To read the original story by Reuters, click here.
Pakistan To Start Importing Russian Oil
Pakistani officials and Russian Energy Minister Nikolai Shulginov did not specify the size of the planned purchases.