KARACHI: The Russian cargo vessel bringing ‘discounted’ crude oil, which birthed at Karachi Port oil terminal on Sunday, is set to discharge crude oil on Monday (today), said Prime Minister Shehbaz Sharif, who termed this event “transformative” and a “moving step towards prosperity, economic growth and energy security and affordability”.
“This is the first ever Russian oil cargo to Pakistan and the beginning of a new relationship between Pakistan and Russian Federation,” read a statement issued by the premier. “I commend all those who remained part of this national endeavour and contributed to translating the promise of Russian oil import into reality,” he added.
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.
Today is a transformative day. We are moving one step at a time toward prosperity, economic…
— Shehbaz Sharif (@CMShehbaz) June 11, 2023
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 April this year, 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.