Pakistan has placed its first order for discounted Russia crude oil as per the bilateral agreement between the two countries, Pakistan's Minister of State for Petroleum Musadik Malik said.
"Pakistan will import oil from Russia under the agreement between the two countries. <...> Its supplies are expected to reach 100,000 barrels per day," the minister was quoted as saying by Reuters on Thursday.
According to Malik, the first tanker carrying Russian oil will arrive at the port of Karachi in May. The oil delivered from Russia will be processed at Pakistani facilities.
The minister did not disclose the discount for Russian oil. Earlier, it was reported that the estimated price of Russian oil for Pakistan could be as much as $50 a barrel with a discount expected in Islamabad.
In January, representatives of the governments of Pakistan and Russia reached a conceptual agreement on supplies of Russian oil and agreed to align logistics, insurance, payment and export volumes before the start. Pakistan must draw up a coherent energy security plan. It provides for the import of oil, liquefied natural gas, pipeline gas and other fuels from Russia.
Islamabad expects that imports from Russia will meet up to 35% of Pakistan's future oil needs.
GSV "Russia - Islamic world"
Photo: drpepperscott230/Pixabay
Based on materials from TASS