Pakistan has received its first shipment of Russian crude, in accordance with the deal signed by the two countries in April. On Sunday, the first shipment of 45,000 tons of crude oil arrived in the southern port city of Karachi. Islamabad expects another 50,000 tonnes by this week, according to Pakistan Refinery Limited (PRL), which will process the crude.
Pakistani Prime Minister Shehbaz Sharif welcomed the delivery, calling the arrival of Russian crude a “day of transformation” for the crisis-ravaged country. “Made another one of my promises to the nation,” he tweeted. “This is the first shipment of Russian oil to Pakistan and the start of a new relationship between Pakistan and [de] Russian Federation.’
Since it invaded Ukraine last year, Russia has sighed under Western sanctions, which countries like India and China and now Pakistan too are helping to a greater or lesser extent. In Pakistani media, Musadik Malik, Pakistan’s deputy oil minister, said that petrol prices in the country would decrease once supplies from Russia are made on a regular basis.
Shortage of foreign currency
Pakistan is going through a serious economic crisis. It is desperately short of foreign currency needed to import fuel. For example, according to Al Jazeera, the country has less than $4 billion in foreign reserves, covering less than four weeks of imports.
Islamabad is also awaiting a $1.1 billion rescue package from the International Monetary Fund (IMF) as part of a $6.5 billion loan program due to expire this month.
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Source: BNR
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