Islamabad: Pakistan is also going to import crude oil from Russia. In June, 750,000 barrels of crude oil will reach Pakistan for which Pakistan is likely to pay in Chinese yuan. An official was quoted as saying that Pakistan will pay the price of crude oil in Chinese currency and “Bank of China can play its role for the transaction”. However, the official declined to give details about the exact discount and the mode of payment in clear terms, arguing that it was not in the interest of the country and that the seller was also waiting for feedback from other countries that buy Russian oil directly from Moscow. Don’t want to make it public out of fear.
He said that “Russia will provide URAL crude in test cargo and possibly Pakistan Refinery Limited (PRL) will be entrusted with the task of refining Russian crude”. , But it will be further investigated after the Russian oil is refined. The shipping cost of Russian oil is also pegged at somewhere around $15 per barrel, but it will be finalized once it reaches Pakistan’s port.
According to the report, other sources believed that Pakistan has fixed the price per barrel closer to $50-52, while the cap price of G7 countries is $60 per barrel. Pakistani refineries have been importing 80 per cent of their crude under long-term agreements with ADNOC and Saudi Aramco, and the remaining 20 per cent have scope to buy Russian oil to some extent under long-term agreements. According to the report, but the government would also like to have some scope for crude oil procurement from the international market as the price of crude oil may reduce the cost even under long-term agreements signed.
Read the Latest India News Today on The Eastern Herald.
