Musadik Malik said that Pakistan paid the first batch of Russian discount crude oil with RMB for RMB.This is a major change in Pakistan's US dollar -dominated export payment policy.
According to Reuters, Malik said on Monday (June 12) that the first batch of Russian discount crude oil purchased by Pakistan had arrived, and the money was settled with RMB.But Malik did not further reveal that Pakistan obtained discounts or other details.
Malik said that according to the agreement between the two parties, Pakistan first purchased 100,000 tons of Russian crude oil in April this year, the first batch (about 45,000 tons) arrived at the port of Karachi, Pakistan on June 11, and is currently unloading the goods.The rest of Russian oil is on the road.He said that the procurement in April was the first among the government (G2G) transactions between Pakistan and Russia.
Malik revealed that these crude oil is a lighter Ural crude oil, which will be refined by Pakistan Refine Corporation after arriving.He said that all experiments have been completed at present, and as a result, under any circumstances, the Pakistani Refining Company's refining and selling Russian oil "will not have losses, and it is feasible in business."
Pakistan has been relied on the import of oil in the Middle East. Malik's remarks have diluted the ability and concern of the local refinery to refine Russian crude oil.
Malik also said that Pakistan hopes to import oil in the future as Russian crude oil.
Reuters analysis that Pakistan is currently in a serious financial crisis. The foreign exchange reserves held by the Central Bank of the country are almost not enough to pay for import expenses for a month, and they are likely to fall into debt defaults.Therefore, Pakistan's purchase of discount Russian crude oil not only means that Russian crude oil has a new export channel, but also provides a chance to breathe for Pakistan's difficulties in financial situations.
