Cash-strapped Pakistan welcomes arrival of first cargo of discounted crude from Russia

ISLAMABAD — The Pakistani authorities on Monday welcomed the arrival of the primary cargo of discounted crude from Russia underneath a key deal between Islamabad and Moscow.

Prime Minister Shahbaz Sharif hailed it as a “fulfillment of promises” to the nation whereas Information Minister Marriyum Aurangzeb tweeted that it marked a “true service” for the folks.

The cargo was being unloaded within the port metropolis of Karachi, the nation’s important hub for imports. Cash-strapped Pakistan had been in talks with Russia to import discounted crude since February 2022, when former Pakistani Prime Minister Imran Khan visited Moscow to fulfill with President Vladimir Putin.

Khan’s go to coincided with the beginning of Russia’s invasion of Ukraine – a go to that on the time strained relations between Pakistan and the United States. Moscow has since grappled with Western sanctions over the struggle, rerouting a lot of its provide to India, China and different Asian nations at discounted costs after Western prospects shunned it in response to the invasion.

Pakistan’s deputy oil minister, Musadiq Malik, informed the Geo information TV that Islamabad had initially signed an settlement with Russia for the acquisition of 100,000 tons of oil, which is meant to reach in two ships. The first vessel with the crude arrived in Karachi on Sunday. The measurement of its cargo load was not instantly identified.

He didn’t share any particulars concerning the worth of Russian oil, saying solely that Pakistan will strive to make sure a gradual import with the expectations that costs on the pump will lower.

“If we start getting one-third of our crude oil from Russia, then there will be a big difference in prices and its effect will reach people’s pockets,” Malik mentioned.

No particulars had been revealed about how the funds are being made.

Sharif’s authorities is grappling with an unprecedented financial disaster within the aftermath of the devastating flooding final summer time that killed greater than 1,700 folks and brought on $30 billion in damages.