KARACHI: The second cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow arrived in the port city of Karachi today, Tuesday, the Karachi Port Trust (KPT) said.
The first cargo arrived earlier on June 11, with 45,122 metric tons of crude oil, offering a relief to Pakistan, which is facing a payments crisis and is at risk of defaulting on its debt. Pakistan’s purchase also gives Russia a new outlet, adding to Moscow’s growing sales to India and China, as it redirects oil from western markets because of the Ukraine conflict.
“The ship ‘Clyde Noble’ carrying Russian has arrived at Karachi Port,” KPT said in a statement on Tuesday.
“The ship loaded with the Russian crude oil will dock at the oil pier for discharging the cargo as soon as the berthing plan of the ship is finalized.”
The ship is currently at the outer anchorage of the port waiting for berthing, a KPT spokesman said.
“The ship is expected to berth in the evening, after that the offloading of oil will be decided,” spokesperson Shariq Amin Farooqui told Arab News.
Russian crude oil tanker ship CLYDE NOBLE is seen berthed at Karachi Port on June 27, 2023. (Photo courtesy: Karachi Port)
Pakistan’s minister of State for Petroleum Musadik Malik said in May the government was targeting meeting 20 percent of its oil requirements from Russia. The deal is for 100,000 tons.
Pakistan is currently blending Russian Urals oil with crude being imported from its traditional gulf markets at the Pakistan Refinery Limited.
Pakistan meets only 16 percent of its oil requirement through indigenous sources while the remaining comes through imports, according to the Petroleum Club of Pakistan.
The South Asian country has received the oil shipment at a time when its central bank only has $3.5 billion in foreign exchange reserves, not even enough to cover imports for one month. It is also waiting for $1.1 billion in stalled IMF bailout funds.
Pakistan petroleum imports declined by 22 percent in the first 11 months of the current fiscal year to $15.38 billion, including 7 million tons of crude oil worth $4.5 billion, according to the Pakistan Bureau of Statistics (PBS).
