Canada Global (Web News) As Pakistan now relies on cheaper supplies from Russia to cut its trade imbalance and relieve pressure on its declining currency, an oil tanker delivering the second batch of Russian crude anchored at the port.
The operation to unload the consignment of 55,000 metric tonnes of crude oil that is being carried by the ship “Clyde Noble” will shortly begin.
Prime Minister Shehbaz Sharif said that he had kept another promise as soon as the first cargo of Russian oil arrived in Pakistan. “Today is a day of transformation. In the direction of prosperity, economic development, energy security, and affordability, we are making little but steady progress.
Separately, Pakistan’s State Minister for Petroleum Musadik Malik told Reuters that the country paid in Chinese currency for its first government-to-government import of discounted Russian crude, but he declined to discuss the deal’s financial terms, such as the price or the discount Pakistan received.
Malik predicted that if a steady supply of oil from Russia was guaranteed, the price of petroleum goods would begin to fall. He said, “When Pakistan started meeting one-third of the domestic needs through the imported Russian oil, there was going to be a huge difference in prices with the benefit being transferred to the masses.”
We aim to purchase one-third of the crude oil from Russia at a reduced price. The oil [petroleum products] will be more affordable once we have accomplished our goal.
Musadik also made fun of the PTI’s assertion that the previous administration was overthrown because it planned to purchase Russian oil, claiming that the fuel had already arrived from Russia.
He denied reports that the PTI had pushed forward with a plan to buy oil from Russia, claiming that the ministry did not have a single document to support the assertion. He reminded the audience that the Russian envoy had previously denied their assertion.