ISLAMABAD – Minister of State for Petroleum Musadik Malik said on Monday the import of discounted crude oil will help government to provide relief to masses amid inflation.
He said bilateral ties with Russia were a key pillar of Pakistan’s foreign policy and Islamabad saw Moscow as a longstanding and time-tested friend of it.
His statement comes as the first shipment of 45,000 metric tons of Russian oil has arrived at the country’s biggest port city, Karachi. The oil is now being transported to the refinery to process it for use.
The complete shipment of the Russian oil will be refined at the Pakistan Refinery Limited (PRA), reports said, adding that 3,000 tonnes of oil has so far been transported to the refinery.
The refinery would extract gasoline, diesel fuel, jet fuel, heating oil, LPG, petrochemicals, bitumen and asphalt from the Russian oil.
Meanwhile, petroleum division authorities said the shipment would not have a significant impact on current petroleum prices as more stock would be required to extend relief to public.
They said Pakistan would receive the second ship carrying 55,000 metric tons of Russian oil in next two weeks.
First shipment of oil from Russia to reach Pakistan next month
