Pakistan seeking to buy oil from Russia

Pakistan's Finance Minister Muhammad Ishaq Dar said Islamabad is willing to buy Urals grade crude from Russia at the same discounted price that Moscow is offering it to New Delhi.

Dar expressed confidence that western governments won’t object to Islamabad sourcing crude oil from Moscow, pointing to Pakistan’s difficult financial conditions which have been worsened by the floods, which have left more than 1,700 people dead and resulted in economic losses to the tune of $32Bln.

Dar has been a consistent advocate for buying crude from Russia: last month, he stressed the need to "campaign" with the West so that it gets the “same treatment” as India as far as Russian crude imports are concerned. According to the minister, a discount of 20-30% by sourcing crude oil from Russia would be beneficial for Pakistan’s flood-ravaged economy.

His country needs around $16Bln at present to carry out the relief and rehabilitation work, the minister added.