Islamabad places first order for discounted Russian crude: Musadik Malik

Khalid Umar Malik
23 May 2023, 15:28 GMT+10

Following months of negotiations, Pakistan placed its first order for discounted Russian crude oil under a new agreement between Islamabad and Moscow.
Musadik Malik, State Minister for Petroleum, confirmed the news, saying that one cargo will arrive at Karachi port at the end of May.
"The agreement calls for Pakistan to buy only crude oil, not refined oil, and imports are expected to reach 100,000 barrels per day if the first transaction goes smoothly," Malik told R ...

ISLAMABAD, Pakistan - Following months of negotiations, Pakistan placed its first order for discounted Russian crude oil under a new agreement between Islamabad and Moscow.

Musadik Malik, State Minister for Petroleum, confirmed the news, saying that one cargo will arrive at Karachi port at the end of May.

"The agreement calls for Pakistan to buy only crude oil, not refined oil, and imports are expected to reach 100,000 barrels per day if the first transaction goes smoothly," Malik told Reuters on Wednesday night.

"Our orders are in; we've already placed them," he said.

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

A Russian delegation arrived in Pakistan earlier in April to discuss the payment mode.

"Russians raised the issue during the talks about the media reporting of the talks, particularly about the discount in crude oil price and mode of payment, stressing the Pakistani counterparts ensure keeping the deal with Moscow secret as they do not want the disclosure to other Russian crude buyer countries," sources familiar with the matter told the press.

As a result, Pakistan's top officials decided not to reveal the mode of payment or the exact discount.

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.

However, things were pushed back as the two parties struggled to agree on the deal's payment mode and other aspects.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Irish Sun.

More Information

8 ℃

Mostly Cloudy in Dublin

International

Section

China wants Hong Kong consulates to give personal data of local staff

HONG KONG: The Chinese Foreign Ministry has issued a request to all foreign consulates in Hong Kong, seeking the personal ...

Rattlesnake bites Amazon driver in Florida during delivery

MARTIN COUNTY, Florida: An Amazon driver making a delivery to a Florida home this week was bitten by a rattlesnake ...

Canada's TMX expansion may triple oil flow to country's Pacific Coast

CALGARY, Canada: From early 2024, the long-delayed and controversial Canadian government-owned Trans Mountain oil pipeline expansion (TMX) is expected to ...

Pakistan's Supreme Court proceedings go live on state TV

ISLAMABAD, Pakistan: Pakistan's Supreme Court proceedings were broadcast live on state television on Monday, providing an unprecedented glimpse into the ...

9 teenagers caught after escaping from Pennsylvania detention center

MORGANTOWN, Pennsylvania: Pennsylvania state police said that nine teenage boys who escaped from the Abraxas Academy detention center this week ...

3,000 homeless in Anchorage looking for a place to stay before winter

ANCHORAGE, Alaska: Anchorage is struggling to find housing options for more than 3,000 homeless residents, as the city's mass shelter ...

Europe

Section