Pakistan places its first order for discounted Russian oil: Musadik Malik

ISLAMABAD: Pakistan has placed its first order for discounted Russian crude oil under a new agreement reached between Islamabad and Moscow, according to the country’s petroleum minister, with one cargo expected to arrive at Karachi port in May.

Pakistan will buy crude oil only, 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 on Wednesday night.

Also Read: Pakistan to Place order for Russian Oil and Gas next month.

“Our orders are in, we’ve already placed them,” he said.

“Yes, it is true that we will only receive crude oil, not refined oil,” Malik said when asked to confirm sources’ information.

Also Read: Japanese firm offers 35% cheaper Gas and Oil to Pakistan.

He stated that the Russian crude will be refined initially by Pakistan’s Refinery Limited (PRL), with other refineries joining later after a trial run.

In January, Russian Energy Minister Nikolay Shulginov led a delegation to Islamabad to negotiate the deal, after which he stated that oil exports to Pakistan could begin in March.