'Beginning Of A New Relationship': Pakistan PM Shehbaz Sharif On Discounted Russian Crude Oil Arrival In Karachi

The first cargo of discounted Russian oil got delivered to Pakistan on Sunday. Pak PM Shehbaz Sharif termed it as the 'Beginning of a new relationship.'

Pakistan's Prime Minister Shehbaz Sharif announced on Sunday that the first shipment of discounted Russian crude oil, arranged under a new agreement between Islamabad and Moscow, had arrived in Karachi. The Prime Minister took to Twitter, describing the cargo's arrival as the "beginning of a new relationship" and a "transformative" day for Pakistan.

According to a port official, the unloading of the oil was underway on Sunday evening, as reported by Reuters.

Last year, Pakistan's Finance Minister Ishaq Dar mentioned India as an example when he announced that Pakistan was considering the purchase of discounted oil from Russia. Subsequently, Pakistan's State Minister for Petroleum, Musadik Malik, travelled to Moscow for discussions on this matter, following which the government announced its final decision to procure oil from Russia. In January, a Russian delegation visited Islamabad to finalize the deal, as reported by Pakistan Daily, The Dawn.

A joint statement issued by the delegation and Pakistani authorities emphasized that the oil and gas trade transaction would be structured to achieve mutual economic benefits for both countries, after achieving consensus on the technical specifications.

Dawn reported that currently, 80 per cent of Pakistan's oil requirements, which amounts to 154,000 barrels per day, are met by traditional suppliers from the Gulf and Arab regions.

Notably, Pakistan's purchase provides Russia with a new market outlet, complementing its increasing sales to India and China, as it redirects oil away from Western markets due to the Ukraine conflict.