Islamabad: Pakistan wants to negotiate a long-term deal for oil withRussia, staying within the price limit of $60 per barrel. A Pakistanidelegation will visit Russia for this purpose on October 10th.
According to sources, the FOBT (Free on Board) price is the actual costreceived at the port, meaning Russia is willing to bear the cost ofdelivering oil to Pakistan.
Previously, Russia delivered one million metric tons of crude oil toPakistan in a month, and Russia also covered the transportation cost. Thisshipment was based on trial grounds, and Pakistan Refinery Limited (PRL)had taken action on this crude oil, which was priced at $7 per barrel.
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Pakistan had demanded better terms in recent negotiations, but Russia wasnot willing to pay more than $8 per barrel. Now, the Pakistani team hascome up with a new formula where Russian crude oil will be supplied at aprice limit of $60 per barrel.
