Petroleum Minister Musadiq Malik announced on Wednesday that Pakistan is currently engaged in negotiations with Russia to secure a second shipment of discounted crude oil, as reported by Reuters. Minister Malik emphasized that there is no scenario in which Pakistan does not benefit from importing crude oil from Russia, stating, “We are finalizing another cargo.”
Successful Testing of First Russian Crude Cargo
Minister Malik highlighted the successful testing of the initial Russian crude cargo, which consisted of 100,000 tons and was processed at Pakistan Refinery Limited (PRL). While the minister acknowledged certain limitations such as higher freight and insurance costs, as well as an increased production of furnace oil during the refining process compared to Arabian light oil, he assured that the Russian oil would be advantageous for Pakistan.
Limited Details on Second Shipment and Discounts
The minister did not disclose the specific quantity of crude oil that Pakistan aims to import through the second shipment. Furthermore, he remained tight-lipped regarding the discount obtained on the first shipment, which arrived in two parts. The second cargo, weighing 55,000 tons, recently arrived in Pakistan, following the delivery of the first cargo consisting of 45,000 tons on June 12. The initial order of 100,000 tons of Russian crude oil was placed by the government in April of this year after months of negotiations between the two countries.
