Karachi: Pakistan’s PM Shehbaz Sharif said that under a new deal between Islamabad and Russia, the first consignment of Russian crude oil obtained at a concessional rate has reached Karachi. Sharif tweeted that ‘It is a pleasure to announce that Russia’s first subsidized crude oil cargo has reached Karachi and oil extraction will start from tomorrow.’ Shahbaz Sharif said that ‘this is the first Russian oil cargo for Pakistan and the beginning of a new relationship between Pakistan and the Russian Federation’.
While an official of Karachi port told on Sunday evening that the process of unloading the crude oil arrived from Russia was going on. For the first time in April, the information about this deal between Pakistan and Russia came in the media. The relaxation in the price of crude oil gives a big relief to Pakistan, which is facing a balance of payments crisis and is in danger of defaulting on debt repayment. Pakistan’s purchase of crude oil also provides a new market to Russia. Pakistan has become a new buyer of Russia after increasing crude oil sales from Moscow to India and China.
Due to the ongoing conflict with Ukraine, Russia itself is looking for new markets due to the ban on selling oil in the western markets. Import of oil is the largest item of foreign payments of Pakistan. The country’s crude imports are expected to reach 100,000 barrels a day following the arrival of Russia’s first crude oil tanker on Monday. There is no confirmation of how the price of this oil will be paid. But Pakistan recently announced plans to allow barter trade with Russia, Afghanistan and Iran. Analysts said this could reduce the need for dollars and the risk of cross-border smuggling of oil products.
The post India’s ‘friend’ helped Pakistan in such a way… Shehbaz is overjoyed appeared first on Agniban.
