Pakistan Negotiating With Russia for Second Cargo of Discounted Crude: Minister

Petroleum Minister Musadiq Malik Wednesday said that Pakistan is negotiating with Russia to buy a second shipment of discounted crude oil, Reuters reported. Speaking to new reporters, the minister said that there was no scenario under which Pakistan was not benefiting from the import of crude from Russia. “We are finalizing another cargo,” the minister said. The petroleum minister pointed out that the first Russian crude cargo of 100,000 tons had been successfully tested at Pakistan Refinery Limited (PRL). The minister pointed that that there were certain limitations such as higher freight and insurance costs, and producing more furnace oil during refining compared with Arabian light oil. However, he said that the Russian oil will benefit Pakistan. The minister did not disclose the quantity of crude oil the country is looking to import under the second shipment. Moreover, the minister remained tight-lipped on the discount Pakistan got on the first shipment. Towards the end of last month, the second cargo of 55,000 tons of Russian URAL crude arrived in Pakistan. Earlier on June 12, a vessel carrying 45,000 tons of Russian crude oil docked at the Karachi port, bringing Pakistan its first delivery of the URAL crude. The government made the initial order for 100,000 tons of Russian crude oil in April of this year following months of negotiations between the two countries.