ISLAMABAD: Russia will send its first consignment of crude oil to Pakistan by next month (May) after Islamabad agreed to Moscow’s demand to import just a single cargo, sources said.

It has been reported that Russia was initially concerned over the seriousness of Pakistan to mature the oil deal but in a recent meeting between officials from the two countries, Moscow asked Islamabad to import one oil cargo as a test case to bridge the trust deficit.

Since Pakistani refineries have limited capacity to refine crude oil, Russia has agreed to export blended oil to the country, it said. Following Saudi Arabia which exports around 100,000 barrels of oil per day, Russia will emerge as the second largest crude oil supplier to Pakistan if this deal materializes, it said.

On Sunday, Minister of State for Petroleum Musadik Malik had also stated that the first-ever shipment of cheap oil from Russia would reach Pakistan next month in a bid to relief public.

Following successful dialogues with Russian authorities, the government has finalised a commercial deal in this regard, confirmed the minister.

Copyright Business Recorder, 2023