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First cargo of discounted Russian crude oil arrives in Karachi: PM Shehbaz

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A picture of the cargo ship carrying crude oil from Russia in Karachi on Sunday. — DawnNewsTV

Prime Minister Shehbaz Sharif on Sunday said that the first cargo of discounted crude from Russia has arrived in the country, adding that the discharge of oil will commence tomorrow (June 12).

“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,” the premier tweeted.

“Today is a transformative day. We are moving one step at a time toward prosperity, economic growth, energy security, and affordability,” PM Shehbaz said.

He stated that the arrival of the first-ever Russian oil cargo in Pakistan was the beginning of a “new relationship between Pakistan and the Russian Federation”.

“I commend all those who remained part of this national endeavor and contributed to translating the promise of Russian oil import into reality,” the prime minister added.

Last year, Finance Minister Ishaq Dar had announced that the country was considering buying discounted Russian oil, pointing out that neighbour India had been purchasing oil from Moscow and Islamabad also had a right to explore the possibility.

Subsequently, State Minister for Petroleum Musadik Malik had flown to Moscow for talks on issues including oil and gas supplies after which the government announced that it would purchase discounted crude oil, petrol, and diesel from Russia.

In January 2023, a Russian delegation arrived in Islamabad for talks to finalise the deal. During the three-day meeting, the countries decided to address all technical issues — insurance, transportation and payment mechanism — to sign an agreement by late March this year.

“After consensus on the technical specifications achieved, the oil and gas trade transaction will be structured in a way it has a mutual economic benefit for both countries,” a joint statement issued by the two sides had then stated.

In April, Malik had said Pakistan had placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow.

He had also said that imports were expected to reach 100,000 barrels per day (bpd) if the first transaction went through smoothly. Pakistan’s Refinery Limited (PRL) will initially refine the Russian crude in a trial run, followed by Pak-Arab Refinery Limited (Parco) and other refineries, Malik added.

As a long-standing Western ally and the arch-rival of neighbouring India, which historically is closer to Moscow, analysts said the crude deal would have been difficult for Pakistan to accept, but its financing needs are great.

Discounted crude offers respite as Pakistan faces an acute balance-of-payments crisis, risking a default on its debt obligations. Energy imports make up most of the country’s external payments.

Currently, 80 per cent of Pakistan’s oil requirements of roughly 154,000 barrels per day are being met by traditional Gulf and Arab suppliers, mainly Saudi Arabia and the UAE. The 100,000 bpd from Russia in theory would greatly reduce Pakistan’s need for Middle Eastern fuel.

On the other hand, Pakistan’s purchase gives Russia a new outlet, adding to Moscow’s growing sales to India and China, as it redirects oil from Western markets because of the Ukraine conflict.

 
What happened to “USA removed IK because he was going to buy oil from Russia”? 🤔
He is known as Mr. U-turn for a reason. Look at him now begging the west to save him. Anyways, he went to Russia on the first day of Russian invasion of Ukraine. I don't believe the oil deal would have actually materialized under him and even if it did, it would not have been "discounted" as Russia made that available much later.
 
What happened to “USA removed IK because he was going to buy oil from Russia”? 🤔
This is a big joke ..when IK was in Russia,the war has not started or just the started/troops were moving forward ..there were no sanctions imposed in Russia nor Russia was selling oil for cheap nor India or China were buying Russian Oil ..The only discussion and official press release stated buying Russian wheat !
 
He is known as Mr. U-turn for a reason. Look at him now begging the west to save him. Anyways, he went to Russia on the first day of Russian invasion of Ukraine. I don't believe the oil deal would have actually materialized under him and even if it did, it would not have been "discounted" as Russia made that available much later.
Urdu seems to be language lacking divergence.

in Hindi we simply call it- Thook ke chaatna!!!
 
He is known as Mr. U-turn for a reason. Look at him now begging the west to save him. Anyways, he went to Russia on the first day of Russian invasion of Ukraine. I don't believe the oil deal would have actually materialized under him and even if it did, it would not have been "discounted" as Russia made that available much later.

Lol so IK started the invasion of Ukraine?
Or Pak never waited for green light from daddy US for Russian oil?
Or was it actually khaki rats who said we cannot refine russian oil?
So now that u have "discounted" oil how would it benefit Pak or its people?
 
He is known as Mr. U-turn for a reason. Look at him now begging the west to save him. Anyways, he went to Russia on the first day of Russian invasion of Ukraine. I don't believe the oil deal would have actually materialized under him and even if it did, it would not have been "discounted" as Russia made that available much later.
So khuwaja asif said pakistan on ventilaors and cant go against america
2nd beggars cant be choosers

and back to PTI plan importing russian oil after damaging $12 billion exports and remittances

I am sure you are another bhudda willing to destroy pakistan to make nawaz happy


while budget is all negative income

All.pmln was crying when inran khan importing the russian oil
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What happened to “USA removed IK because he was going to buy oil from Russia”? 🤔
So jootay aur so piyaaz

That's what happened to Pakistan

@Mirzali Khan @Olympus81

I don't believe the oil deal would have actually materialized under him and even if it did, it would not have been "discounted" as Russia made that available much later.
Of course, IK is not Putin's phuppi da putar like Shehbaz sharif is. So that, makes sense.
 
For these boomers, read up on ‘oil swap’.

Pakistan even if it doesn’t have refineries to refine Russian oil, what it can do is to swap Russian oil at discounted rates and get oil which they have uses for.

Now the same PDM are exploring options to get Russian oil. U-turn, no?

The patwaris brain only goes so far. Their mode of thinking is how to give out contracts to their friends and recruit their workers en masse into public corporations. Do this for a good 4 decades and this is the result.
 
Cenergy Refinery(Formerly Known As Byco) Has Refined Russian Oil In The Past and I Think It Should Be Allowed.Another Company Al Ghurair Started The Trans Asia Oil Refinery Which Essentially Relocated An Old Italian Refinery.Now If The Refinery Is Italian I Have No Doubt That It Can Refine Russian Crude.That Is A Total 200000 bpd of Capacity To Refine Russian Crude.

Anyhow This Only Vindicates Khan and PTI Not PeeDM
 
What happened to American sanctions and Pakistan being unable to refine it? Or what happened to the long ship journey and the high cost of shipping?
IK wanted to buy discounted Russian oil at a time when oil was hovering around $100 usd a barrel. These pdm jokers came up with any excuse they could during that time to not import discounted Russian oil. Now at a time when oil prices are hovering around $60-$70 usd a barrel and continue to fall in price, showbaz is importing discounted Russian oil.
Discounted oil is always good but when oil was at its highest and we needed cheaper oil these clowns didn’t import discounted oil.
 
Cenergy Refinery(Formerly Known As Byco) Has Refined Russian Oil In The Past and I Think It Should Be Allowed.Another Company Al Ghurair Started The Trans Asia Oil Refinery Which Essentially Relocated An Old Italian Refinery.Now If The Refinery Is Italian I Have No Doubt That It Can Refine Russian Crude.That Is A Total 200000 bpd of Capacity To Refine Russian Crude.

Anyhow This Only Vindicates Khan and PTI Not PeeDM


Not only that overall there were many opportunities.Many raw materials could have been sourced at deep discounts like ammonia naphtha BTX ethylene propylene.Entire industries could have flourished
 
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