Pakistan welcomes first Russian crude oil cargo amid financial crisis

Pakistan has welcomed its first cargo of Russian crude oil, marking a new chapter in the relationship between the 2 nations. The cargo, containing forty five,000 metric tonnes of crude oil, arrived in Karachi, with an additional 50,000 metric tonnes anticipated later this week. Prime Minister Shehbaz Sharif hailed the arrival as a “transformative day” for the economically troubled country.
As Russia faces sanctions from Western powers because of its invasion of Ukraine, the Pakistan deal provides Moscow with a model new oil market, following India and China. Musadik Malik, Pakistan’s junior minister for petroleum, announced that petrol costs in the nation will decrease once the Russian supply turns into regular, benefiting the nation’s residents.
Pakistan’s economic system is presently in crisis, with a extreme shortage of international currency for gasoline imports. The arrival of the Russian oil cargo comes at an important time, as the country’s overseas reserves quantity to less than US$4bn, sufficient to cover less than 4 weeks of imports. Furthermore, Don’t miss out awaits a US$1.1bn bailout package from the International Monetary Fund (IMF) as part of a US$6.5bn loan programme set to expire this month..

Leave a Comment