Cash-strapped Pakistan welcomes arrival of first shipment of discounted crude from Russia
Jun 12, 2023
Pakistan's government has welcomed the arrival of the first shipment of discounted crude from Russia under a key Islamabad-Moscow deal
ISLAMABAD (AP) — The Pakistani government on Monday welcomed the arrival of the first shipment of discounted crude from Russia under a key deal between Islamabad and Moscow.
Prime Minister Shahbaz Sharif hailed it as a “fulfillment of promises” to the nation while Information Minister Marriyum Aurangzeb tweeted that it marked a “true service” for the people.
The cargo was being unloaded in the port city of Karachi, the country's main hub for imports. Cash-strapped Pakistan had been in talks with Russia to import discounted crude since February 2022, when former Pakistani Prime Minister Imran Khan visited Moscow to meet with President Vladimir Putin.
Khan’s visit coincided with the start of Russia's invasion of Ukraine — a visit that at the time strained relations between Pakistan and the United States. Moscow has since grappled with Western sanctions over the war, rerouting much of its supply to India, China and other Asian countries at discounted prices after Western customers shunned it in response to the invasion.
Pakistan's deputy oil minister, Musadiq Malik, told the Geo news TV that Islamabad had initially signed an agreement with Russia for the purchase of 100,000 tons of oil, which is supposed to arrive in two ships. The first vessel with the crude arrived in Karachi on Sunday. The size of its cargo load was not immediately known.
He did not share any details about the price of Russian oil, saying only that Pakistan will try to ensure a steady import with the expectations that prices at the pump will decrease.
“If we start getting one-third of our crude oil from Russia, then there will be a big difference in prices and its effect will reach people’s pockets," Malik said.
No details were revealed about how the payments are being made.
Sharif's government is grappling with an unprecedented economic crisis in the aftermath of the devastating flooding last summer that killed more than 1,700 people and caused $30 billion in damages.
Meanwhile, talks with the International Monetary Fund for the revival of the $6 billion bailout package have been on hold since December.
MORE NEWS
How the Zhuhai air show charted China’s path from catching up to flying high
When Zhuhai hosted its inaugural air show in November 1996, the event showcased the J-8IIM fighter, a second-generation fighter equipped with Russian radar and weapons, alongside a limited line-up of home-made aircraft. Imported planes were the focus and Chinese audiences curiously studied the much more advanced foreign designs. They crowded around two Russian fourth-generation Su-27 fighters and were wowed as the jets performed their famous cobra manoeuvre, sharply braking in mid-air. At the...
G20 foreign ministers end Atlanta meeting without consensus on key issues
As Washington seeks to loosen China’s dominance over critical minerals, US Secretary of State Marco Rubio urged other members of the Group of 20 (G20) to strengthen supply chains and secure strategic trade routes as the group’s foreign ministers’ meeting drew to a close in Atlanta on Saturday. Rubio said there was a “universal recognition” among the G20 members over the importance of issues like critical minerals, supply chain security and freedom of navigation. “The first step is at least some...
Manchester United's Longest Winless Run: A Look Back
Manchester United's woes deepened with a 2-0 loss to Chelsea, stretching their winless run to nine games and leaving them 16th in the Premier League table.
Lakshya Sen Stuns Toma Junior Popov, PV Sindhu Beats Anmol Kharb To Move Into Hylo Open Final
Lakshya Sen avenged his 2025 China Open loss to Toma Junior Popov with a dominant semifinal win, as PV Sindhu outclassed youngster Anmol Kharb to set up another title shot.
Valentin Vacherot Creates Monaco History, Stuns Taylor Fritz To Reach Basel Final
Valentin Vacherot created Monegasque tennis history by stunning sixth seed Taylor Fritz in straight sets to reach the Swiss Indoors Basel final.
Quad not ‘anti-China’, says Rubio as first summit in two years set before Trump-Xi talks
US Secretary of State Marco Rubio said on Saturday that the Quadrilateral Security Dialogue, or the Quad, was not an “anti-China” coalition, as the grouping’s top diplomats finalised preparations for the leaders’ summit in the Philippines next month. Rubio’s statement comes just weeks before US President Donald Trump is scheduled to meet Chinese leader Xi Jinping in Shenzhen, China. “It is not an anti-China or anti-anybody coalition,” Rubio said at a press conference on the sidelines of the...
Meghalaya minister Metbah Lyngdoh resigns as UDP loses legislators to NPP, BJP
Meghalaya cabinet minister and United Democratic Party (UDP) president Metbah Lyngdoh has resigned amid a series of defections that have sharply weakened his party's strength in the Assembly. The exits include three MLAs who joined the ruling National People's Party and eight others whose merger with the BJP was recognised by the Assembly Speaker.
Court discharges former drug regulator S Eswara Reddy, three others in corruption case
The court found that the call recordings relied on by the prosecution did not attribute criminality to Reddy. None of the accused, it noted, had said in the recordings that Reddy demanded a bribe on any particular day or time to favour Bengaluru-based Biocon Biologics Ltd (BBL).
Centre releases addition instalment of tax devolution of Rs 1.09 lakh crore to states
This is in addition to the regular monthly devolution and the second additional instalment this financial year.
Iran targeted US air defences then hit aircraft and buildings on Mideast bases: AP analysis
An Associated Press analysis of satellite imagery and regional officials' accounts found that Iranian strikes damaged or destroyed structures at 26 US military bases and other sites across the Middle East through August. Iran initially targeted early-warning radars and aircraft infrastructure before hitting warehouses, troop accommodation and other facilities, causing billions of dollars in equipment damage.
Three people killed in Noney in Manipur
KIM alleged that the act was committed by cadres of the NSCN-IM and ZUF(K) terrorist groups. This atrocity is a direct, unprovoked assault on the lives, dignity, and survival of the Kuki-Zo people in their own homeland.
Three people killed in Noney in Manipur
KIM alleged that the act was committed by cadres of the NSCN-IM and ZUF(K) terrorist groups. This atrocity is a direct, unprovoked assault on the lives, dignity, and survival of the Kuki-Zo people in their own homeland.