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Thursday, May 30, 2024

Another Russian oil shipment arrives in Pakistan

Moscow and Islamabad reached an energy supply agreement in January

An oil tanker carrying Russian crude reached the port of Karachi on Tuesday, according to Pakistani media. It was the second shipment under a deal between Moscow and Islamabad, struck in January.

The ‘Clyde Noble’ vessel was reportedly carrying 55,000 metric tons of discounted Urals oil. It had been scheduled to arrive on June 20 but was delayed by a week due to a lack of space in Pakistan Refinery Limited’s storage tanks.

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Pakistan, which imports 70% of its petroleum, received its first cargo of Russian oil on June 12, having paid for it in Chinese yuan. The transaction signaled a shift in Pakistan’s dollar-dominated export payments policy. The latest delivery follows a shipment in April, under the January deal between the two nations.

Economic cooperation between Russia and Pakistan has strengthened over the past year as Moscow seeks to diversify its trade partnerships in response to Western sanctions over the Ukraine conflict. Experts say Russian crude supplies to Pakistan could further bolster ties between the two countries, with the potential of expanding bilateral trade up to $20 billion per year.

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