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Pakistan has positioned its first order for discounted Russian crude oil underneath a brand new deal struck between Islamabad and Moscow, State Minister for Petroleum Musadik Malik has mentioned.
The deal will see Pakistan purchase crude oil solely, not refined fuels, and imports are anticipated to succeed in 100,000 barrels per day if the primary transaction goes by easily, Minister Musadik Malik mentioned in an interview on Wednesday evening.
He mentioned Pakistan Refinery Restricted (PRL) will initially refine the Russian crude, with different refineries to be included later after a trial run.
Russian Power Minister Nikolay Shulginov led a delegation to Islamabad in January to carry talks on the deal, after which he mentioned oil exports to Pakistan might start after March.
On the time, Shulginov additionally mentioned Pakistan pays for crude oil purchases in currencies of pleasant international locations.
“We’ve got agreed that the funds shall be made within the currencies of pleasant international locations,” he had mentioned at a joint information convention with Pakistan’s Financial Affairs Minister Ayaz Sadiq in January.
He didn’t specify the ‘pleasant international locations’ and neither of the 2 ministers gave particulars on the dimensions of the deliberate purchases.
Earlier, Malik had mentioned that crude oil provide from Russia to Pakistan will begin by the top of this month.
He had additionally assured that home gasoline customers of Karachi will get enough gasoline provide throughout Sehri and Iftari timings.
In his media speak after convening a gathering with enterprise neighborhood at Karachi Chamber of Commerce and Trade (KCCI), Musadik had mentioned negotiations with Russia are going ahead on a quick observe foundation, and the primary cargo cargo will attain Pakistan by the top of April.
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