Islamabad: Prime Minister Shehbaz Sharif called Sunday a “transformative day” for Pakistan after a Russian oil tanker arrived Karachi.
PM Shehbaz tweeted, “I have fulfilled another of my promises to the nation. Glad to inform that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil release tomorrow.”
Pakistan ordered its first discounted Russian crude oil in April under a new agreement with Moscow.
While, The 183-meter-long Russian oil ship Pure Point docked at birth number 2 with 45,000 metric tons of oil.
“We are moving one step at a time toward prosperity, economic growth and energy security and affordability,” the premier exclaimed.
Moreover, He said this was the first Russian oil cargo to Pakistan and the start of a new relationship.
“I commend all those who remained part of this national endeavor & contributed to translating the promise of Russian oil import into reality,” he continued.
Pakistan expected the Russian tanker to arrive in Oman on May 27–28
Moreover, According to an official, a Russian cargo tanker carrying 100,000 tonnes of crude oil arrived at Duqm, Omani, on June 7.
“The vessel, which was loaded with Ural crude on April 21 at a Russian port, was delayed for 10 days due to technical reasons,” the spokesman said.
“It then arrived at Egypt’s Suez Canal on May 17, where it waited in a long queue for 12 days to cross the canal.”
While, On June 20, Port Qasim will receive 50,000 tons of Russian crude. The officials promised to safely deliver Russian crude. The spokesman stated logistics issues delayed Russian crude oil.
“The cargo delay will not increase the transportation cost as it is already settled with the Russians,” he said. “However, if crude oil prices drop, the country will suffer.” Pakistan Refinery Limited (PRL) will blend the Russian test cargo with UAE and Saudi Aramco crude.
Moreover, PRL will report on oil quality, yields, and commercial feasibility to the government. The test cargo will assist the government evaluate transportation, refining, and refinery margins.
PRL refines 70% of Pakistan’s crude oil, which it imports. Local refineries like Attock Refinery Limited produce and refine 30%.
Pakistan is diversifying its oil purchases amid rising world costs. Russia, a major crude oil producer, has offered the country cheaper prices. The Bank of China will accept yuan for Russian crude.
