Pakistan is in talks with Russia to secure a steady monthly supply of crude oil, aiming for prices not exceeding the $60 per barrel cap set by the Group of Seven (G7) nations.
A report published by The News, quoting official sources, said that Pakistan is exploring options for consistent imports after a successful pilot shipment of 100,000 tonnes of URAL crude, refined by Pakistan Refinery Limited (PRL).
PRL’s processing yielded 10 percent petrol, 60 percent furnace oil, and 10-15 percent diesel from URAL crude. Furnace oil sales pose challenges due to a 25 percent loss compared to Brent crude prices, but Ministry of Energy sources said that Moscow had expressed interest in purchasing it from Pakistan, and pricing terms were yet to be determined.
Efforts are underway to enhance the quality of crude imports, with requests for higher-grade Russian crudes such as SOKOL or Siberian Light Oil. These negotiations come amid rising Brent crude prices in global market, surpassing $95 per barrel, and predictions of reaching $100 per barrel due to OPEC+ production cuts.
Pakistan is also considering long-term agreements for crude imports and exploring options for a Special Purpose Vehicle (SPV) or utilizing Pakistan LNG Limited (PLL) for Russian crude imports.
