KARACHI , June 27, 2023: An oil tanker carrying the second shipment of the Russian crude docked at the port as Pakistan is now banking on cheaper supply from Russia to reduce trade deficit and ease pressure on the depreciating currency.
The vessel, “Clyde Noble”, is carrying 55,000 metric tonnes of crude oil and the process to unload the shipment will start soon.
As the first shipment of Russian crude reached Pakistan, Prime Minister Shehbaz Sharif had said that he had fulfilled another promise. “Today is a transformative day. We are moving one step at a time toward prosperity, economic growth, energy security, and affordability.”
Separately, State Minister for Petroleum Musadik Malik had told Reuters that Pakistan paid for its first government-to-government import of discounted Russian crude in Chinese currency, but avoided disclosing the commercial details of the deal, including pricing or the discount that Pakistan received.
Malik said the prices of petroleum products would start decreasing once continuous supply of oil from Russia was ensured. There was going to be a huge difference in prices with the benefit being transferred to the masses when Pakistan would start meeting one-third of the domestic needs through the imported Russian oil, he added.
“Our target is to get one-third of crude oil from Russia at discounted rate. When we will achieve the objective then the oil [petroleum products] would be available at cheaper price.”
Musadik had also ridiculing the PTI for its claim that the previous government was ousted over the plan to import the Russian oil, saying the crude had arrived from Russia.
He rejected the claims that the PTI had moved forward with a plan to import oil from Russia, saying there was not a single document in the ministry to back the notion. The Russian ambassador had already rejected their claim, he reminded the audience.