Pakistan welcomed the arrival of the first shipment of discounted crude oil from Russia under a crucial deal between Islamabad and Moscow.
Prime Minister Shehbaz Sharif called the arrival of the country’s first shipment of 45,000 metric tons of discounted Russian oil on what was hailed as a “transformative day” for the country.
“Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow,” the prime minister said in a Twitter post. “Today is a transformative day. We are moving one step at a time toward prosperity, economic growth and energy security and affordability.”
He also said that this first oil shipment from Russia would mark the beginning of a new era in the bilateral relationship between the two countries.
Pakistan paid in Chinese currency: Pakistan’s Petroleum Minister Musadik Malik said on June 12 that the country paid for its first government-to-government import of discounted Russian crude oil in Chinese currency (yuan).
The purchase consisted of 100,000 tonnes, of which 45,000 tonnes had docked. The cargo was being unloaded in the port city of Karachi on June 11.
The discounted crude offers relief to the South Asian country which is facing a payments crisis.
Pakistan placed the first order to import crude oil from Russia in April 2023. Energy imports make up the majority of Pakistan’s external payments. The country’s imports of crude are expected to reach 100,000 barrels per day after the first cargo arrived.