Pakistan has positioned its first order for discounted Russian crude oil beneath 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 Vitality 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 can pay for crude oil purchases in currencies of pleasant international locations.
“We have agreed that the payments will be made in the currencies of friendly countries,” he had mentioned at a joint information convention with Pakistan’s Financial Affairs Minister Ayaz Sadiq in January.
He didn’t specify the ‘friendly countries’ and neither of the 2 ministers gave particulars on the scale of the deliberate purchases.
Earlier, Malik had mentioned that crude oil provide from Russia to Pakistan will begin by the tip of this month.
He had additionally assured that home fuel customers of Karachi will get sufficient fuel provide throughout Sehri and Iftari timings.
In his media speak after convening a gathering with enterprise group 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 tip of April.