Prime Minister Shehbaz Sharif announced on Sunday that the first cargo of discounted crude oil from Russia has arrived in Karachi, with the oil discharge scheduled to commence on June 12.
In a tweet, the Prime Minister stated, “I have fulfilled another of my promises to the nation. Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow.”
PM Shehbaz emphasized that this milestone marks a transformative day for Pakistan, as the country progresses towards prosperity, economic growth, energy security, and affordability.
He regarded the arrival of the first-ever Russian oil cargo as the beginning of a new relationship between Pakistan and the Russian Federation, commending all those who contributed to translating the promise of Russian oil import into reality.
The consideration of purchasing discounted Russian oil was initially announced by Finance Minister Ishaq Dar last year. Talks between Pakistan and Russia took place, focusing on technical issues, insurance, transportation, and payment mechanisms. In April, Pakistan placed its first order for discounted Russian crude oil.
This deal provides respite for Pakistan as it faces a balance-of-payments crisis and aims to reduce its reliance on traditional Gulf and Arab suppliers. The purchase also offers Russia a new outlet for its oil exports.
The import of discounted Russian crude oil is a significant development for Pakistan, addressing its energy needs and potentially reducing the country’s dependence on Middle Eastern fuel. As PM Shehbaz takes steps towards economic growth and energy security, this move strengthens bilateral relations between Pakistan and Russia and paves the way for future collaborations.
