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 Australian Herald.

More Information

17 ℃

Mostly Cloudy in Sydney

International

Section

Mummified nun draws hundreds of visitors to rural Missouri town

GOWER, Missouri: Hundreds of people flocked to the small town of Gower, Missouri, to see a mummified nun, Sister Wilhelmina ...

Japan: PM's son resigns for holding party at official residence

TOKYO, Japan: After coming under public criticism for using Japanese Prime Minister Fumio Kishida's residence for a private party, his ...

Remains identified of US pilot from Pennsylvania killed during WWII

WASHINGTON D.C.: The Defense POW/MIA Accounting Agency has announced that 2nd Lt. James Litherland of South Williamsport, Pennsylvania, an Army ...

ACC sues Dr. Yunus, 12 others over embezzlement of $2,351,758

DHAKA, Bangladesh - The Anti-Corruption Commission (ACC) has filed a case against 13 members of Grameen Telecom's board of directors, ...

Washington coordinates 14-country supply chain agreement

WASHINGTON D.C.: The U.S. Commerce Department has said that trade ministers from 14 countries have taken part in the US-led ...

Injuries at Churchill Downs sees 12 horses dead in month

LOUISVILLE, Kentucky: Two horses that succumbed to their injuries at Churchill Downs have become the 11th and 12th fatalities over ...

Sydney

Section