Pakistan has struck a long-term agreement to purchase Russian oil, which represents a significant development for the nation’s energy requirements.
Pakistan signs agreement for Russian oil: The sources further stated that the agreement was reached on a commercial basis. Privately operated regional refineries will be able to purchase the oil directly.
In December, Pakistan will receive the first commercial shipment from Russia, which is anticipated to be 100,000 metric tonnes.
A government-to-government agreement could be signed once the supply is consistent.
Oil from Russia would be delivered to Pakistani ports at a fixed cost of $60 per barrel. According to reports, the price was set in consideration of the G7 nations’ fixed price for Russian oil.
The price of Russian oil is anticipated to be $10/barrel less than that of buying it on the world market, even after costs and premiums are taken into account. In the test cargo, Pakistan apparently also saved $40 million.