Khalid Umar Malik
23 May 2023, 15:28 GMT+10
ISLAMABAD, Pakistan - Following months of negotiations, Pakistan placed its first order for discounted Russian crude oil under a new agreement between Islamabad and Moscow.
Musadik Malik, State Minister for Petroleum, confirmed the news, saying that one cargo will arrive at Karachi port at the end of May.
"The agreement calls for Pakistan to buy only crude oil, not refined oil, and imports are expected to reach 100,000 barrels per day if the first transaction goes smoothly," Malik told Reuters on Wednesday night.
"Our orders are in; we've already placed them," he said.
He stated that the Russian crude would be initially refined by Pakistan's Refinery Limited (PRL), with other refineries joining after a trial run.
A Russian delegation arrived in Pakistan earlier in April to discuss the payment mode.
"Russians raised the issue during the talks about the media reporting of the talks, particularly about the discount in crude oil price and mode of payment, stressing the Pakistani counterparts ensure keeping the deal with Moscow secret as they do not want the disclosure to other Russian crude buyer countries," sources familiar with the matter told the press.
As a result, Pakistan's top officials decided not to reveal the mode of payment or the exact discount.
In January, Russian Energy Minister Nikolay Shulginov led a delegation to Islamabad to negotiate the deal, after which he stated that oil exports to Pakistan could begin in March.
However, things were pushed back as the two parties struggled to agree on the deal's payment mode and other aspects.
Get a daily dose of Sports Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sports Sun.
More InformationLOUISVILLE, Kentucky: Two horses that succumbed to their injuries at Churchill Downs have become the 11th and 12th fatalities over ...
LAS VEGAS, Nevada: A bill was introduced in the Nevada Legislature to provide the Oakland Athletics up to $380 million ...
Mike Trout and Shohei Ohtani flashed their power on Wednesday in the sort of one-upmanship that is always welcome for ...
Two teams that have struggled offensively could be heating up at the right time when the defending American League Central ...
The Boston Red Sox like what they've been getting from Chris Sale lately. The left-hander now gets an opportunity to ...
Two years ago, the Arizona Diamondbacks endured one of the worst seasons in franchise history, finishing with 110 losses. The ...
After a nine-month hiatus, Brandt Snedeker has his sights set on returning to the PGA Tour at this week's Memorial ...
The Denver Broncos signed well-traveled Elliott Fry on Wednesday after releasing fellow kicker Brandon McManus last week. Terms were not ...
The agent for Aaron Rodgers requested that the Green Bay Packers either fire their general manager or trade the quarterback ...
The Denver Broncos are signing well-traveled Elliott Fry after releasing fellow kicker Brandon McManus last week, NFL Network and 9News ...
New York Jets coach Robert Saleh on Wednesday provided promising updates on the health of star quarterback Aaron Rodgers and ...
New England Patriots head coach Bill Belichick on Wednesday took responsibility for the team being stripped of two organized team ...