Pakistan’s deal with Russia for a second cargo of discounted crude oil,

Web DeskJuly 13, 2023
Pakistan's deal with Russia for a second cargo of discounted crude oil,

According to Reuters, Pakistan’s Petroleum Minister Musadiq Malik stated on Wednesday that the country is in talks with Russia to purchase a second supply of cheap crude oil.

Speaking to new reporters, the minister stated that there was no scenario in which Pakistan would not benefit from Russian crude imports. “We are finalising another cargo,” stated the minister

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According to the petroleum minister, the first Russian crude shipment of 100,000 tonnes was successfully tested at Pakistan Refinery Limited (PRL). The minister mentioned some constraints, such as greater freight and insurance expenses, and producing more furnace oil during refining than Arabian light oil. He did, however, state that Russian oil will benefit Pakistan.

The minister did not specify how much crude oil the country intends to import in the second cargo. Furthermore, the minister was tight-lipped about the discount Pakistan received on the initial cargo.

The second cargo of 55,000 tonnes of Russian URAL crude landed in Pakistan towards the end of last month. Earlier that day, on June 12, a tanker carrying 45,000 tonnes of Russian crude oil docked in Karachi, bringing Pakistan its first cargo of URAL crude.

Following months of discussions, the government placed the initial purchase for 100,000 tonnes of Russian crude oil in April of this year.

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