First discounted Russian crude oil cargo
ISLAMABAD: Prime Minister Shehbaz Sharif shared the good news with the people saying that the first Russian crude oil cargo today reached Karachi.
Pakistan has purchased Russian crude oil at a discounted rate in comparison with the international market price.
He stated that the arrival of the first-ever Russian oil cargo in Pakistan was the beginning of a “new relationship between Pakistan and the Russian Federation”.
“I commend all those who remained part of this national endeavor and contributed to translating the promise of Russian oil import into reality,” the prime minister added.
The United States and European Union have capped the Russian crude oil price at $60/barrel.
However, it is believed that the Pakistan government has purchased Russian oil at a lower than this price. The government, nonetheless, will not disclose the actual price of the discounted Russian crude oil as per its commitment to the Russian authorities.
The Pakistani government took two advantages in this deal _ the price of oil is lower than the international market.
Secondly, Pakistan will make payments in Chinese yuan as Russian President Putin has linked the payments of oil and gas sales with Russian roubles for those who have capped the Russian oil/gas price.
Russia is accepting payments in Chinese currency from China.
Prime Minister Shehbaz Sharif said that the Russian crude oil will facilitate the government to reduce domestic oil prices and boost economic activities by increasing oil supplies.
