Pakistan, Russia strike game changing deal for discounted oil

By MG News | April 20, 2023 at 12:31 PM GMT+05:00

0:00

April 20, 2023 (MLN): The government of Pakistan has placed the first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow, Musadiq Malik, State Minister for Petroleum told Reuters on Wednesday.

We have already placed the order with one cargo that will be at the dock of Karachi port by next month.

The deal will see Pakistan buy crude oil only, not refined fuels and imports are expected to reach 100,000 barrels per day

if the first transaction goes through smoothly, said Minister Musadik Malik

we will be getting only crude, not refined oil," Malik said

He said Pakistan's Refinery Limited (PRL) will initially refine the Russian crude oil. Other refineries will be included later after a trial run.

Russian 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.

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