The petroleum minister of Pakistan has announced that the country has made its first purchase of discounted Russian crude oil as part of a new deal between Islamabad and Moscow. The first cargo of the crude oil will dock at the Karachi port in May.
Under the deal, Pakistan will only be purchasing crude oil, not refined fuels, and imports are expected to reach 100,000 barrels per day if the first transaction goes smoothly, according to Minister Musadik Malik.
Malik confirmed that Pakistan has already placed its orders and will only receive crude oil, not refined oil. The Pakistan Refinery Limited (PRL) will initially refine the Russian crude, with other refineries to be added later after a trial run.
In January, Russian Energy Minister Nikolay Shulginov led a delegation to Islamabad to hold talks on the deal. After the meeting, he announced that oil exports to Pakistan could begin after March, adding that Pakistan would pay for crude oil purchases in currencies of friendly countries.
Malik had previously stated that the crude oil supply from Russia to Pakistan would begin by the end of April. In a media talk after a meeting with the business community at the Karachi Chamber of Commerce and Industry (KCCI), he assured domestic gas consumers in Karachi that they would receive adequate gas supply during Sehri and Iftari timings.
