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Pakistan: First discounted Russian crude oil cargo arrives in Karachi, says PM
Shahbaz Sharif says the country is moving one step at a time toward prosperity, economic growth and energy security
Russian President Vladimir Putin meets with Prime Minister of Pakistan Shahbaz Sharif in September, 2022. — AFP
Pakistan's Prime Minister Shahbaz Sharif on Sunday said the first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow had arrived in Karachi and will begin discharge on Monday.
In a tweet, Sharif said the country is moving one step at a time toward prosperity, economic growth and energy security and affordability.
“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.
“This is the first ever Russian oil cargo to Pakistan and the beginning of a new relationship between Pakistan and Russian Federation. I commend all those who remained part of this national endeavour & contributed to translating the promise of Russian oil import into reality,” the prime minister said in the tweet.
Reuters first reported on the deal in April. The discounted crude offers a relief to Pakistan, which is facing a payments crisis and is at risk of defaulting on its debt.
Pakistan's purchase 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.
Energy imports make up the majority of Pakistan's external payments. The country's imports of crude are expected to reach 100,000 barrels per day after the first cargo arrives on Monday.
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