Crude Oil at Cheap Rates Coming From Russia
In a recent development, the Minister of State, Mr. Musadik Masood Malik, announced that Pakistan would be receiving cheap crude oil from Russia at discounted prices. He emphasized that Pakistan serves as a gateway to Central Asia and Russia. A ceremony was held at Karachi port to mark the arrival of a ship from a Russian private shipping company.
Mr. Musadik expressed that the current government’s policies have eliminated the pressure to purchase oil exclusively from Russia, and Pakistan can now benefit from the availability of affordable crude oil from Russia. He mentioned that the United States has no objections to Pakistan buying oil from Russia. While acknowledging that people in Pakistan have shown interest in buying gas from Iran, Mr. Musadik emphasized that Pakistan does not want to impose sanctions on Iran and will instead take advantage of the cost-effective Russian crude oil.
Read More: Russian Oil Import Descend Oil Prices By Rs.100/ltr
Furthermore, he stated that Pakistan aims to enhance its trade relationships and is planning to reach an agreement to purchase two petroleum aircraft from a Gulf state. As a trial, Pakistan has already placed its first order for importing oil from Russia at a discounted price of up to $18 per barrel, with the shipment expected to arrive in the first week of June.
To match the price and freight of higher-quality Arab Light crude, which Pakistani refineries currently process, Moscow has offered Islamabad a discount. Mr. Musadik criticized Imran Khan for politicizing every issue, as per his statement. Russia has even proposed multiple currency options for payment, including the Russian ruble, the United Arab Emirates (UAE) dirham, and the Chinese yuan.
Pakistan intends to evaluate the economic viability of refining Russian crude oil to produce petroleum products, which could potentially reduce the country’s energy import costs.
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