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ISLAMABAD: Pakistan has placed its first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow, the country’s petroleum minister said, with one cargo to dock at Karachi port in May.

The deal will see Pakistan buy crude oil only, not refined fuels, and imports are expected to reach 100,000 barrels per day if the first transaction goes through smoothly, Minister Musadik Malik told Reuters on Wednesday night.

Russian oil shipment to reach next month: Musadik

“Our orders are in, we have placed that already,” he said.

“Yes it is true that we will be getting only crude, not refined oil,” Malik said in response to confirm sources information whether that’s correct.

He said Pakistan Refinery Limited (PRL) will initially refine the Russian crude, with other refineries to be included later after a trial run.

Russian Energy Minister Nikolay Shulginov led a delegation to Islamabad in January to hold talks on the deal, after which he said oil exports to Pakistan could begin after March.

At the time, Shulginov also said Pakistan will pay for crude oil purchases in currencies of friendly countries.

“We have agreed that the payments will be made in the currencies of friendly countries,” he had said at a joint news conference with Pakistan’s Economic Affairs Minister Ayaz Sadiq in January.

He did not specify the ‘friendly countries’ and neither of the two ministers gave details on the size of the planned purchases.

Earlier, Malik had said that crude oil supply from Russia to Pakistan will start by the end of this month.

He had also assured that domestic gas consumers of Karachi will get adequate gas supply during Sehri and Iftari timings.

In his media talk after convening a meeting with business community at Karachi Chamber of Commerce and Industry (KCCI), Musadik had said negotiations with Russia are going forward on a fast track basis, and the first cargo shipment will reach Pakistan by the end of April.

Last year, Pakistan sent officials to Russia, after Malik said Moscow would sell crude oil at a discounted rate.

Oil and energy make up the largest portion of Pakistan’s import bill and the country is struggling with a balance of payments crises due to dwindling foreign reserves.

Meanwhile, the South Asian nation has also struggled to procure liquefied natural gas (LNG) from the international market because of high spot prices, adding to its ongoing energy woes.

With dwindling local gas reserves, the country began to ration supplies to residential and commercial consumers.

Comments

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Qasim Apr 20, 2023 12:56pm
Great
thumb_up Recommended (0)
Azaree Apr 20, 2023 01:12pm
Too little too late!
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Mian Nawaz Sharifshit Apr 20, 2023 01:38pm
Be prepared for US pressure and kiss IMF deal bye bye. This guy should disclose at what rate this cargo has been purchased. This is a loss making venture. Russian crude produces much less refined products such as diesel etc than crude from other countries, negating any price reduction that Mr MassaDick may have negotiated.
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Rafique Apr 20, 2023 01:54pm
brilliant work & hope it will help to ease & control the petroleum prices
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Malik hassan Apr 20, 2023 01:59pm
Why they taking too long must be done long time ago.
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Builder Apr 20, 2023 03:06pm
@Mian Nawaz Sharifshit Right. So why does rest of the world buy Russian oil? Russia should have been bankrupt by now!
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Javed Apr 20, 2023 04:19pm
Credit goes to Imran Khan!
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Dr.Mustafa Rahim Apr 20, 2023 04:25pm
Why did Pakistan act earlier as West stooges.Now multipolar world has been established they wake up!
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Mian Nawaz Sharifshit Apr 20, 2023 04:42pm
@Builder, Other countries buy Russian crude oil as long as the derived end products are cheaper than what it would cost to derive them from crude from other countries. That is why a full disclosure of the purchase price should be made public so that it can be evaluated. However, I believe that Mr Musadik and his other partners will not disclose the purchase price as it will reveal that it is a bad deal and lots of underhand commissions are involved.
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Abrar Ahmed Apr 20, 2023 09:09pm
@Mian Nawaz Sharifshit, did your mother give you her surname or was it your father ? Your real habitat should be the as s
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Mohsin Merchant Apr 21, 2023 12:15pm
Thanks to Imran Khan visit to Russia !
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Mohsin Merchant Apr 21, 2023 12:17pm
When you dare to buy from Russia, Iranian oil could be of more feasible option.
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Abdullah Apr 21, 2023 02:45pm
@Mian Nawaz Sharifshit, You seem to have a typical pti mentality.where you see everything with the lens of conspiracy.Dont worry this is a great deal vetter than what they were making at time of pti.
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Asher Apr 22, 2023 07:55am
The bascily point is when the arrived Russian crude oil in pak, what is impact petrol price in pak more cheap or more cost currently price of petrol
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