ISLAMABAD – Pakistan recently bought discounted Russian crude oil, and the first shipment has arrived at the country’s biggest port city.
Media reports suggest that vessel which brought a cargo of 45,142 metric tons of crude oil has docked at berth OP2. The remaining Russian crude will be transported to Port Qasim later this month.
The development is said to be a sigh of relief as the cash strapped country faces massive energy shortages and relied on imports of its petroleum products. Pakistan was earlier expecting the oil tanker from Russia last month but it was delayed due to technical reasons.
In previous years, Pakistan relied on Middle Eastern countries, including Saudi Arabia and the United Arab Emirates, for its oil imports while in recent years, Pakistan has been exploring diversification of its energy sources and supply routes.
The South Asian nation is looking to diversify its sources of oil imports amid soaring global prices while Russia – a major producer of crude oil – offered Islamabad discounted prices on its oil.
Moscow has also been actively seeking new markets for its energy resources, and its collaboration with Pakistan is expected to boost trade and energy ties.
