Pakistan orders first crude oil cargo ship from Russia

Pakistan orders first cargo ship to buy oil from Russia, ship ordered for test will reach Pakistan in mid-May According to Ministry of Petroleum, Pakistan wants to buy 33% of its cheap oil from Russia.

To overcome macroeconomic challenges, Pakistan has placed its first order to import cheap oil from Russia.

Pakistan’s move to import cheap crude oil from Russia comes at a time when Pakistan is working with Saudi Arabia to finalize an oil refining project.

Minister of State for Petroleum Dr. Mossadegh Malik confirmed the purchase of crude oil from Russia. According to officials of Ministry of Petroleum, government has ordered first crude oil ship which will arrive at Karachi port in mid-May.

Officials added that Pakistan is seeking to source 33 percent of its oil imports from Russia, and the arrival of first cargo marks official start of a deal to buy cheap oil from Moscow.

Pakistan will import two types of crude oil from Russia, Ural and Sokols. The Russian team will also be present in Pakistan to clear the crude oil.

Under this agreement, Pakistan will buy only crude oil, not refined fuel. Initial imports are expected to reach 100,000 barrels per day.

Minister of State for Petroleum Mossadegh Malik says that Pakistan Refinery Limited (PRL) will initially refine Russian crude oil, while other refineries will be added after a trial run.

It should be noted that Russian Energy Minister Nikolay Shulgenov visited Islamabad in January along with a delegation to ratify this agreement. Nikolay Shulgenov while talking to the media expressed the hope that the export of oil to Pakistan could start after March.