Good news for Pakistanis from Russia
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Another cargo of crude oil from Russia has reached Pakistan. According to details, another shipment of one lakh metric tons of crude oil from Russia has arrived in Pakistan.
Reportedly, the second cargo of crude oil from Russia was received by the Pakistani refinery Sindh Engro Coal Mining Company (SECMC), which offloaded the crude oil in deep waters through SPIM (Single Point Mooring). Sindh Engro Coal Mining Company is the first private sector entity in Pakistan to import crude oil from Russia.
According to sources, Pakistan had previously placed an order for one lakh tons of crude oil from Russia, and the first cargo of crude oil from Russia had arrived in Pakistan in April. Pakistan Refinery Limited had procured the first cargo of Russian crude oil.
On the other hand, media reports suggest that Pakistan is in the process of negotiating a long-term contract with Russia for the purchase of oil. It has been reported that Pakistan wants Russia to enter into a long-term agreement for oil at a price below $60 per barrel. A Pakistani delegation is set to visit Russia on October 10 for this purpose.
Pakistan had demanded more favorable terms in recent negotiations, but Russia was not willing to accept less. Now, the Pakistani team has devised a new formula for Russian crude oil to be delivered at the $60 per barrel price threshold.
The United States had previously indicated that it would allow Pakistan to import crude oil from Russia, but with certain limitations, as announced in the G7 countries' joint statement. The European Union, G7 countries, and Australia had set a price cap of $60 per barrel for Russian oil in December last year.
