Russian oil starts arriving Pakistan by April 2023

Russian oil starts arriving Pakistan by April 2023

ISLAMABAD: Russian oil will start arriving Pakistan by April 2023, according to a state minister, who informed the Senate on Friday.

The vessels carrying Russian oil and crude products would start arriving Pakistan from April this year, Minister of State for Petroleum Dr Musadik Malik told the Senate.

Replying to the question of Senator Mushtaq Ahmed during question hour in Senate, he said negotiations with National Shipping Corporation (NSC) were going on for transporting Russian oil.

High level meetings were held between Pakistani and Russian delegates on trade of petroleum products in the month of January, 2023. Long-term contract for the import of crude oil to meet up to 20% of Pakistan’s crude oil import requirements is under discussion with Russia.

Matters including commercial terms, crude oil specification, freight arrangements and insurance coverage’s, would be discussed in upcoming meetings.

The details related to import of Russian fuel would be finalized by March next. Imports of oil from Iran would be difficult due to sanctions imposed on Iran. Currently some trade was going on with Iran on barter basis.