Monday, July 22, 2024

How Much Discount Pakistan has Received on Russian Crude Oil?

The first shipment of Russian Crude Oil carrying 45,000 metric tonnes touched the Karachi port on 11th June 2023. Prime Minister, Shehbaz Sharif upon arrival of the shipment, exclaimed his gratitude while taking to his Twitter account that the crude oil has been imported at ‘discounted rates’. Shehbaz Sharif called the day a ‘Transformative day’.

However, Nikolai Shulginov, the Russian Energy Minister, later gave the statement that crude oil delivery to Pakistan has begun with no special discounts. He further added that the rates are the same for all buyers; instigating several questions.

In addition, no final declaration has been made about the payment, while answering a question, Shulginov stated, ‘payment would be made in the currency of friendly countries’.

According to Pakistan Refinery Limited, another shipment carrying 50,000 metric tonnes of Russian Crude Oil will reach Pakistan at the end of June. This trading comes under the agreement between Moscow and Pakistan, signed in April, and is the beginning of new camaraderie between both the countries.

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