\u2018Transformative day\u2019
\nRussian vessel Pure Point carrying 45,000 metric tons of oil docks at birth number 2 at the Karachi port
\nIslamabad
\nPrime Minister Shehbaz Sharif on Sunday announced that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge by Monday.
\nDiscounted crude offers much-needed respite to cash-strapped Pakistan in the face of a balance of payments crisis and critically low foreign exchange reserves. Energy imports make up the majority of the country\u2019s external payments.
\nThe deal will see Pakistan buy only crude oil, not refined fuels, with imports expected to reach 100,000 barrels per day if the first transaction goes through smoothly.
\nPakistan\u2019s purchase gives Russia a new outlet for its crude, adding to Moscow\u2019s growing sales to India and China, as it redirects volumes from Western markets where its oil has been banned in the wake of the Ukraine conflict.
\n\u201cI have fulfilled another of my promises to the nation. Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow,\u201d Shehbaz wrote on his official Twitter handle.
\n\u201cToday is a transformative day. We are moving one step at a time toward prosperity, economic growth and energy security & affordability. \u201c
\nThe prime minister said that this was the first ever Russian oil cargo to Pakistan and the beginning of a new relationship between Pakistan and Russian Federation.
\n\u201cI commend all those who remained part of this national endeavour & contributed to translating the promise of Russian oil import into reality,\u201d he further said.
\nPakistan imported 154,000 barrels per day of oil in 2022, relatively flat from the previous year, data from analytics firm Kpler showed. Most of the crude was supplied by the world\u2019s top exporter Saudi Arabia followed by the United Arab Emirates. If Russian crude supplies were to reach 100,000 barrels per day, it would mean a potentially big drop for Middle East suppliers to Pakistan.
\nRussian Energy Minister Nikolay Shulginov led a delegation to Islamabad in January to hold talks on the deal, after which he said oil exports to Pakistan could begin after March. Minister of State for Petroleum Musadik Malik took a proposal to Moscow to negotiate the deal late last year.
\nWestern nations have imposed a $60 a barrel price cap for anyone to buy Russian oil as part of sanctions against Moscow, however India and China have been paying prices above the price cap, according to traders and Reuters calculations.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u2018Transformative day\u2019 Russian vessel Pure Point carrying 45,000 metric tons of oil docks at birth number 2 at the Karachi port Islamabad Prime Minister Shehbaz Sharif on Sunday announced that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge by Monday. Discounted crude offers much-needed respite to cash-strapped […]<\/p>\n","protected":false},"author":2,"featured_media":329053,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[],"class_list":{"0":"post-336935","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n