Pakistan will pay for Russian energy in 'currency of friendly countries': Russian official

Pakistan will pay for energy purchases from Russia, when they start in late March, in currencies of friendly countries, a top Russian energy ministry official said on Friday.

The statement comes during the eighth session of the Pakistan-Russia Intergovernmental Commission held in Islamabad today, which was co-chaired by Minister for Economic Affairs Sardar Ayaz Sadiq and Russia's Energy Minister Nikolay Shulginov, reports DAWN.

Shulginov also said that the two countries have agreed on late March as the timeline for crude oil export to Pakistan.

Pakistan and Russia agreed to strengthen energy cooperation, enhance energy trade and broaden energy infrastructure investment based on strategic and favourable commercial terms.

In a joint statement released today, both countries agreed the "oil and gas trade transaction will be structured in a way it has [a] mutual economic benefit for both countries", adding that the process would be completed within March 2023.

It was also agreed that the Pakistan Stream Gas Pipeline should be considered in terms of comprehensive infrastructure and economically viable projects for sustainable gas infrastructure development ensuring affordable gas supplies.

The joint statement stated both countries discussed "innovative ways of doing business, including through barter" and agreed to explore the option further.

They also agreed to share information towards developing and improving rail and road infrastructure while nominating focal persons from both sides to discuss issues concerning connectivity and logistics in Central and South Asia.