ISLAMABAD: Pakistan is negotiating to buy a second shipment of discounted Russian crude oil, the South Asian country’s state minister for petroleum said on Wednesday.
Musadiq Malik told reporters there was no scenario where the country was “not benefiting” from Russian crude and added that Pakistan was “finalising another cargo”.
The first cargo of Russian Urals docked at Karachi port last month and was paid for in China’s currency. Islamabad made the first purchase in April.
Pakistan got into Russian the deal in part to save on foreign exchange reserves, which are eaten up mainly by oil imports.
The country has been facing an acute balance of payment crisis, with its central bank reserves barely sufficient to cover a month of controlled imports.
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