First cargo of discounted crude oil from Russia arrives in Pakistan

The first cargo of discounted crude oil from Russia arranged under a new deal between Islamabad and Moscow arrived in Pakistan on Sunday, said the Ministry of Ports and Shipping.

The development, which followed a series of negotiations between the two sides, was celebrated by Pakistani Prime Minister Shehbaz Sharif, who said it was a fulfilment of one of his promises, according to Anadolu.

“I have fulfilled another of my promises to the nation. Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow,” Sharif said in a tweet.

"Today is a transformative day. We are moving one step at a time toward prosperity, economic growth, energy security & affordability,” he said, terming the development “the beginning of a new relationship between Pakistan and the Russian Federation.”

“I commend all those who remained part of this national endeavour & contributed to translating the promise of Russian oil import(s) into reality,” he added

 Oil politics

The cargo arrived in the port city of Karachi ahead of an "extremely severe" cyclone that is expected to make landfall on the country's southeastern coastal belt with heavy rains and winds on June 15.

The cargo vessel “Pure Point” was carrying over 45,000 metric tons of crude oil, a statement from the ministry added.

The procurement of crude oil has long been at the centre of local politics, particularly after the visit of former Prime Minister Imran Khan only a day before Russia launched its war on Ukraine on Feb. 24, 2022.

Khan, ousted through a no-confidence vote in parliament in April last year, claimed that his Moscow visit was one of the reasons behind his ouster.

Currently, the South Asian nuclear country meets 80 per cent of its oil requirements, or roughly 154,000 barrels per day, through traditional Gulf and Arab suppliers, mainly Saudi Arabia and the United Arab Emirates.