Sunday, July 14, 2024

Russian Oil Paid in Chinese Currency, Musadik Malik

In an interview with the British news agency Reuters, he refused to reveal the commercial details of the two countries’ agreement, but he did confirm that the price of crude oil was paid in Chinese currency rather than US dollars.

It should be noted that oil is being transferred from the Russian ship that was anchored in Karachi yesterday. Islamabad and Moscow recently signed an oil purchase agreement.

Although Pakistan pays for the majority of its petroleum product exports in US dollars, this is the first time that oil has been paid for in Chinese currency, which could signal a policy shift and certainly a setback for the US. It is possible to demonstrate.

Dr. Senator Mossadegh Malik, the central leader of Pakistan Muslim League (N) and Federal Minister of State for Petroleum, stated that “we have looked at different oil products and there is no way that there is any harm in refining this crude oil.” Yes, we believe that this is a profitable business transaction.

According to a spokesperson for Karachi Port Trust, the 183-meter-long Russian ship Pure Point arrived yesterday has a total of 45,142 metric tonnes of oil.

Prime Minister Mian Shahbaz Sharif said yesterday that the arrival of the Russian oil tanker in Pakistan fulfilled another promise made to the nation.

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

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