Russian Oil Arrives at Karachi Port: Historic Milestone Reached by First Vessel

"Russian Oil Arrives at Karachi Port: Historic Milestone Reached by First Vessel"

Discover the latest update on Pakistan's first order of discounted Russian crude oil. Despite a slight delay, a Russian vessel successfully reached Karachi Port ahead of a severe cyclonic storm. Find out more about this significant milestone and its implications for Pakistan's oil industry.

In a significant development for Pakistan's oil industry, the country recently received its first shipment of Russian crude oil. This milestone achievement comes after Pakistan placed its initial order for discounted Russian oil in April, as part of a new agreement between Islamabad and Moscow.

Despite facing a slight delay, the Russian vessel, named Pure Point, successfully reached Karachi Port on Sunday. It docked at berth number 4, carrying 45,000 metric tonnes of crude oil. This timely arrival is particularly noteworthy as it occurred just before the arrival of the very severe cyclonic storm Biparjoy.

Initially, Pakistan expected the vessel to arrive in Oman on May 27-28. However, due to technical reasons, the cargo was delayed by 10 days. The vessel then reached Egypt's Suez Canal on May 17, where it faced a 12-day wait in a long queue for crossing the canal.

It is important to note that the delay in the arrival of the cargo will not increase transportation costs, as the settlement with the Russians has already been made. However, a potential decrease in crude oil prices during this period could have adverse effects on the country.

The remaining 50,000 tonnes of Russian crude will be transported to Port Qasim on June 20. Despite logistical challenges, authorities are committed to ensuring a safe and smooth arrival of the Russian crude oil. Pakistan Refinery Limited (PRL) has been entrusted with the responsibility of refining the test cargo of Russian crude oil, which will be blended with imports from the United Arab Emirates and Saudi Aramco.

PRL's test report on the quality, yields, and commercial viability of the oil will assist the government in assessing transportation costs, refining costs, and margins for refineries. This move is part of Pakistan's strategy to diversify its sources of oil imports amid rising global prices.

As a major producer of crude oil, Russia has offered Pakistan discounted prices on its oil. To facilitate the transaction, payment for the Russian crude will be made in yuan through the Bank of China.

With this historic import, Pakistan takes a step towards securing a diversified and cost-effective supply of crude oil. It remains to be seen how this development will shape the country's oil industry and contribute to its energy security in the long run.

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