Pakistan vows to ink landmark agreement with Russia
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Islamabad: Pakistan wants to negotiate a long-term deal for oil with Russia, staying within the price limit of $60 per barrel. A Pakistani delegation will visit Russia for this purpose on October 10th.
According to sources, the FOBT (Free on Board) price is the actual cost received at the port, meaning Russia is willing to bear the cost of delivering oil to Pakistan.
Previously, Russia delivered one million metric tons of crude oil to Pakistan in a month, and Russia also covered the transportation cost. This shipment was based on trial grounds, and Pakistan Refinery Limited (PRL) had taken action on this crude oil, which was priced at $7 per barrel.
Pakistan had demanded better terms in recent negotiations, but Russia was not willing to pay more than $8 per barrel. Now, the Pakistani team has come up with a new formula where Russian crude oil will be supplied at a price limit of $60 per barrel.
