ISLAMABAD: According to The reports, Pakistan would most likely spend for the Russian oil in Chinese Yuan, with the test cargo holding 750,000 barrels of crude due to dock in June.
Details
“The cargo could also arrive by the end of May,” a senior Ministry of Energy source told the publication.
However, the official declined to reveal the mode of payment and discount, arguing that it is not in the interests. The seller also does not want to make it public for fear of repercussions from other countries buying Russian oil directly from Moscow.
“Russia will deliver URAL crude in the test cargo, and Pakistan Refinery Limited (PRL) will most likely be tasked with refining the Russian crude,” he added.
Retail analysis of Russian crude was undertaken in support of Pakistan’s economy, but it will be cross-checked when the Russian oil is refined.
Cost of the Russian oil
The shipping price of Russian oil has also been counted at around $15 per barrel, but this will be finalized once it arrives at the Pakistan port.
According to other reports, Pakistan has finalized a per-barrel price of $50-52, compared to the G7 limit price of $60 per barrel.
Import of crude oil in Pakistan
Pakistani refineries have been importing 80% of crude under long-term contracts from ADNOC and Saudi Aramco, with a cushion to acquire Russian oil under GtG on a long-term deal to some extent in the remaining 20%.
However, the government would pick to keep some buffer for purchasing crude from the international market, as the crude price can fall below the cost agreed upon in long-term agreements.
However, one of the coalition government’s top officials warned that the decision to import Russian crude at a 30% discount under the GtG agreement might not provide the needed relief.
