Pakistan Refining Limited (PRL) has signed a long-term contract for the import of oil from Russia, as reported by The Express Tribune.
While the specific terms of the agreement have not been disclosed, the first shipment of Russian oil is expected to arrive in Pakistan in December. The newspaper notes that PRL will be procuring oil from Russia on commercial terms, ensuring compliance with Pakistan's international obligations related to such transactions. In the past, PRL has already imported over 100,000 tons of Russian Urals oil, which was subsequently processed.
Additionally, Pakistan Refining Limited has entered into an agreement with China's The United Energy Group, which involves an investment of $1.5 billion aimed at a substantial expansion and modernization of its refinery in Karachi.
The decision to allow companies to establish direct commercial contracts with Russian oil exporters was made by the Pakistani government, mainly due to the lengthy process of finalizing a long-term intergovernmental agreement between Pakistan and Russia regarding oil imports, as well as the bilateral agreements for the establishment of a dedicated company for importing Russian hydrocarbons.
The Express Tribune underscores that Pakistan, traditionally reliant on oil supplies from the Middle East, is now making strides toward diversifying its energy resources through the importation of Russian oil.
GSV "Russia - Islamic World"
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Based on materials from TASS