ISLAMABAD: Pakistan has suspended Russian crude oil imports allegedly due to limited benefits while Pakistan is also making arrangements for a long-term agreement with Russia for oil import at discounted rates, it was learnt on Sunday.
Noteworthy, the tall claims regarding the benefits of importing Russian crude oil have previously been emphasized by both the ruling Pakistan Tehreek-i-Insaf (PTI) led by Prime Minister Imran Khan and the coalition government led by Shehbaz Sharif.
However, according to sources, benefits of import of Russian crude oil have so far been limited to Pakistan, which allegedly has a higher furnace oil yield. Russia has delivered its second petroleum cargo to Pakistan, the Karachi Port Trust said, some two weeks after the arrival of the first one during the month of June 2023, said sources.
Following the maiden delivery to Pakistan in June 2023, Russia’s second crude cargo received at the Karachi Port Trust two weeks after the first delivery. Sources claim that the halt is only temporary, but they also claim that Pakistan may consider restarting its imports of Russian crude oil if given a “special discount.”
The Secretary of the Petroleum Division recognized the temporary halt when contacted for comment, but she highlighted that continuing plans are being made, indicating that things could change. He denied reports that imports of Russian crude oil had completely stopped.
In response to a request for comment, Federal Secretary of the Petroleum Division said,” previously it was a test cargo and now we are making arrangement which requires time”. He, however, rejected the information of suspension of Russian crude oil import.
Dr. Musadik Malik, former Minister of State for Petroleum, while addressing a press conference on 9th August 2023 said that the impact of Russian oil on the public is yet to be determined, and it is expected in the near future.
Kingdom of Saudi Arabia (KSA), Kuwait and United Arab Emirate (UAE) has not only been supplying crude oil but also Petroleum Products (POL) to Pakistan while Pakistan has first time imported around one lakh ton of Russian crude in the month of June 2023 to meet its fuel needs.
