Pakistan is set to receive its first consignment of blended oil from Russia soon, which will partially meet its energy demands. Pakistan lacks the technology to refine crude oil into blended oil, and Russia has agreed to export the latter. Interestingly, Russia has agreed to accept payment in Chinese yuan, UAE dirham, and the Russian ruble, marking a departure from the usual US dollar-denominated transactions.
This import can be a forerunner to future purchases at lesser rates and opens doors to a broad-based approach towards global trade. It also allows Pakistan to use a currency other than the US dollar, which is a breath of relief for Pakistan given its cash-strapped situation. This single breakaway step from the module of payment is a lifeline for Pakistan. While the US is unlikely to pose an objection (largely due to the fact that many nations have distanced themselves from U.S sponsored sanctions on Russia, understanding that in near future they too may have to depend on Moscow for meeting their energy needs), policy makers must recognize the urgency of transitioning towards Renewable Energy Sources.
Pilot, Entire Crew Grounded For Allowing Friend Into Cockpit
Modi Set To Attend G7, Quad Summits In Japan, Australia
India Was World’s 4th Largest Defence Spender In 2022
For more such Opinions click here.
According to a 2023 report, Pakistan’s electricity demand jumps to 28,000 megawatts in summers, leaving a supply gap of 4,000 to 6,000 MW. In winters, the demand and supply gap stand at 8,000 MW. Therefore, relying solely on petroleum-related products to meet energy demands is unsustainable in the long run.
Moreover, increasing costs of petroleum-related products, which in turn spikes up the costs of all goods, is a self-defeating way of dealing with the issue and evading responsibility by the government. Therefore, policy makers must prioritize investing in renewable energy sources to reduce the country’s reliance on oil imports and ensure sustainable development.
Dalai Lama Presented With Magsaysay Award In Person After 64 Years
Erdogan cancels appearances after developing stomach bug
Afghan Government Must Fulfill ‘Recognized Obligations’: Russian Foreign Minister
Sinirlioğlu Appointed Special Coordinator for UN’s Afghanistan Assessment
The writer, Yasmeen Aftab Ali, is a lawyer, academic, and political analyst who has authored a book titled ‘A Comparative Analysis of Media & Media Laws in Pakistan.’ She can be contacted at: [email protected] and tweets at @yasmeen_9
Stay tuned to Baaghi TV for more. Download our app for the latest news, updates & interesting content!
