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Russia all set to discuss oil, LNG deals during IGC

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Pakistan and Russia are all set to discuss oil and LNG deals during 8th session of Pakistan Russia Inter Governmental Commission (IGC) on Trade, Economic, Scientific and Technical cooperation to be held on 18-20 January, 2023 in Islamabad.

Islamabad and Moscow are already in close contact on oil and LNG deals in addition to import of Russian wheat. Pakistan’s Minister of State for Petroleum and Natural Resources recently undertook an official visit to Moscow for a “feasible” deal on oil.

The Russian delegation will be headed by its Minister for Energy, N G Shulginov whereas Minister for Economic Affairs, Sardar Ayaz Sadiq will lead Pakistani team. Technical teams of both countries will discuss matters related to trade and investment, agriculture, energy, customs, industry, education, science and technology, information and communication technologies, Communication (roads and Postal Service), Railways and Finance.

The Russian side expressed its concern about the prohibitive nature of the anti-dumping measure against Russian cold-rolled steel, which led to a complete cessation of supplies of Russian cold-rolled steel to the Pakistani market. It has also expressed concern over the position of the Pakistani financial institutions with regard to contractual payments to Russian banks. The Russian side has urged Pakistan to take action to solve the payment issue.

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