A reputable Japanese trading corporation has made Pakistan an offer to buy Russian oil and LNG from Nigeria at a price that is 35% less than the market, in partnership with an Irish partner. This proposition was made to the Pakistani ambassador by a representative of the Japanese business at a meeting in Tokyo. The conference was hosted by Pakistani businessman Rana Abid Hussain, who also serves as the president of the Pak-Japan Business Council and resides in Japan. The Japanese delegate briefed the envoy on LNG and oil.
According to the representative of the Japanese corporation, his business, and its partner organization are authorized to sell LNG from Nigeria and Russian oil. The Japanese delegate said that if Pakistan was willing to purchase oil and gas, they would be willing to offer both to the world market at a 35 percent discount.
As per Pakistani envoy Raza Bashir Tarar, Pakistan will take this offer into consideration and will inform the appropriate government and the Japanese corporation.
Rana Abid Hussain, president of the Pak-Japan Business Council, who was in attendance as well, said that Pakistan is now going through a serious economic crisis and is being forced to spend a lot of foreign currency on importing oil and gas. He said that Pakistan should have no issue acquiring inexpensive oil and gas provided international laws permit.
The increasing fuel prices have been very impactful on Pakistan’s economy. Being a dollar-rated economy we are not the most stable and welcoming economy for foreign investors. Due to differences of opinion and many political differences, such an offer is already declined. Russia itself has offered cheaper fuel to Pakistan in the past before.
Having more affordable fuel will help many, The new fuel price could be 176/liter if this happens but we all know the chances are slim to none!