Friday, March 1, 2024

Pakistan Ditches Dollar and Purchases Russian Oil in Chinese Yuan

According to State Minister of Petroleum Musadik Malik, Pakistan has paid for the crude oil it imported from Russia using Chinese currency, as part of a government-to-government agreement. The minister confirmed this information during a phone interview with Reuters, but did not provide specific details about the deal’s pricing or any discounts Pakistan received.

Pakistan’s Refinery Limited (PRL) will be responsible for initially refining the Russian oil, as mentioned by the minister. He had previously described this purchase as a trial to assess the financial and technical feasibility of importing Russian crude oil.

The minister also downplayed concerns about the financial viability and the ability of local refineries to process Russian crude oil. Historically, Pakistan has primarily imported oil from the Middle East, so this move represents a shift in the country’s oil import sources.

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