According to Pakistan’s prime minister, Shehbaz Sharif, inexpensive oil from Russia would soon be imported.
He responded to the opposition Tehreek-e-Insaf’s (PTI) assertions that the current administration was installed through a “foreign conspiracy” at a National Assembly session.
The prime minister claimed that if his government had been established as a consequence of an international plot, it would not have purchased oil from Russia.
The government had made its first purchase of Russian crude oil, according to Musadik Malik, Minister of State for Petroleum, who had told Reuters last week that a cargo would arrive at Karachi port in May.
If the initial deal went through, the minister stated that the nation would want to import 100,000 barrels per day (bpd) of Russian crude oil.
The crude oil will first be refined by the Pakistan Refinery Limited (PRL) as a test run, and then Pak-Arab Refinery Limited (PARCO) and other refineries would follow.
In 2022, the nation imported 154,000 barrels per day (bpd) of oil, the majority of which came from Saudi Arabia and the United Arab Emirates. A considerable decline in imports from the Gulf states would result if Russian imports hit 100,000 bpd.
The final agreement was achieved recently, a source in Moscow with knowledge of the talks between Pakistan and Russia informed a foreign news outlet.
An inquiry for comment was not answered by the Russian authorities.
According to two trading sources familiar with the discussions, major Russian oil corporations have discussed the potential sale of oil to Pakistan in recent months but have refrained from disclosing the names of potential suppliers. Under the condition of anonymity, one of the individuals stated that Russia intends to provide Pakistan with Urals crude.
The acquisition of Pakistan by Russia opens up a new market, boosting Moscow’s expanding sales to China and India as it diverts oil away from Western markets due to the crisis in the Ukraine.
