Pakistan is set to receive its first cargo of Russian crude.
- Apr 20, 2023, 8:30 AM CDT
Pakistan expects to receive in May its first cargo loaded with discounted Russian crude after placing its first order for oil from Moscow under a new bilateral deal, Pakistan’s Petroleum Minister Musadik Malik toldFor several months, Pakistan has been negotiating for the purchase of Russian crude at discounts. Pakistan hasn’t been a major importer of Russian oil and gas so far., as the South Asian country is grappling with an economic and foreign reserves liquidity crisis.
Pakistan is desperate to import energy at low costs after it was outspent on the market last year when oil and gas prices surged while Pakistani foreign exchange reserves dwindled. A potential purchase of $50 oil from Russia would be $10 below the G7 price cap on Russian crude, below which shipments are still cleared to enjoy insurance and financing services from Western companies.Russia, for its part, was initially uncertain whether Pakistan would want to proceed with an oil deal, according to a report in The Express Tribune. Following a meeting between Russian and Pakistani officials, Russia has asked Pakistan to purchase and import one cargo as a test case.
This week, Pakistani minister Malik told Reuters that the country had already placed its orders and confirmed reports that Pakistan would buy only crude, not refined products.
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