Crude oil deal with Russia is final, first cargo ship will arrive in Pakistan on May 24

First shipment of crude oil from Russia will arrive in Pakistan on May 24, price of which will be $18 per barrel cheaper than global market, Pakistan will be able to pay in Russian Ruble, Chinese Yuan, or UAE Dirham.

There has been significant progress in importing cheap oil from Russia and Pakistan State Oil PSO is experimenting with buying oil from Russia for first time.

According to officials of Ministry of Petroleum, first cargo of Russian crude oil will reach Pakistan by May 24. The oil imported from Russia will be cheaper for Pakistan and according to an estimate, Pakistan will have to pay according to price of May 24.

Currently, Pakistan is getting Russian crude oil at a price of 18 dollars per barrel from international market. However, final price decision will be made at the time of spot buying on May 24. That is why officials say that it is too early to say how cheap Russian oil will be.

Pakistan has just ordered its first test cargo from Russia and the commercial oil purchase deal is being done by Pakistan State Oil.

According to the authorities, Pakistan will be able to pay in Russian currency Ruble, Chinese currency Yuan or United Arab Emirates currency Dirham, so Pakistan will not need the support of dollar for this import.