Big news! Pakistan has changed its plan about getting oil from Russia. Originally, the government wanted a special deal with Russia where the two governments would work together. Now, they’ve decided that private companies in Pakistan can directly talk to Russian companies and make their own deals.
This change happened because there were delays in setting up a special way to bring in the Russian oil. They wanted to use something called a Special Purpose Vehicle (SPV), but it was taking too long. So, instead of waiting, they’re letting local companies in Pakistan handle the talks and agreements directly with Russian companies.
The whole idea behind the SPV was to make it easier to bring Russian oil to Pakistan. But after a group from Pakistan went to Russia and talked about it, they thought it was too risky. They decided to stop the SPV plan because it seemed like it might cause problems.
This change is also because of experiences with bringing in Russian oil before. One company, Pakistan Refinery Limited, took a whole month for the Russian oil to arrive. This made people worried about how practical and efficient it was to use the SPV. Another company, Byco, brought in a lot of Russian oil without using the SPV.
Now, Pakistan’s oil companies are directly talking to Russian companies to make deals for oil. Before the group from Pakistan went to Russia on October 10, they were trying to agree on a long-term deal for oil at a price of $60 per barrel.
So, instead of the government being in charge, now it’s the local companies making the decisions. This change shows that Pakistan wants to be more flexible and smart about its energy deals in a changing world.