Says first cargo to dock at Karachi Port in MayISLAMABAD: Pakistan has placed its first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow, Minister of State for Petroleum Musadik Malik said, with one cargo to dock at Karachi Port in May. Discounted crude offers much needed respite to cash-strapped Pakistan in the face of a balance of payments crisis and critically low foreign exchange reserves. Pakistan imported 154,000 barrels per day of oil in 2022, relatively flat from the previous year, data from analytics firm Kpler showed. If Russian crude supplies were to reach 100,000 barrels per day, it would mean a potentially big drop for Middle East suppliers to Pakistan. He said Pakistan’s Refinery Limited (PRL) will initially refine the Russian crude in a trial run, followed by Pak-Arab Refinery Limited (PARCO) and other refineries later.

Source: Pakistan Today April 21, 2023 04:46 UTC