The crude oil would first be refined by the Pakistan Refinery Limited (PRL) as a test run, and then Pak-Arab Refinery Limited (PARCO) and other refineries would follow.
The country would soon be able to import cheap Russian oil, the prime minister said Thursday in the National Assembly.
The government had made its first purchase of cheap Russian crude oil, the minister of state for petroleum had told the media last week, and a cargo would arrive at Karachi port in May. If the initial transaction went smoothly, the minister stated that the nation would look to import 100,000 barrels per day (bpd) of Russian crude oil.
The crude oil would first be refined by the Pakistan Refinery Limited (PRL) as a test run, and then Pak-Arab Refinery Limited (PARCO) and other refineries would follow. In 2022, the nation imported 154,000 barrels per day (bpd) of oil, the majority of which came from Saudi Arabia and the United Arab Emirates.
A significant decline in imports from the Gulf states would result if Russian imports hit 100,000 bpd. A final agreement was reached recently, a source in Moscow with knowledge of the talks between Pakistan and Russia told a foreign news agency.
An inquiry for comment was not answered by the Russian government. Two trading sources with knowledge of the discussions said that major Russian oil companies have been in recent months, but they would not name the potential suppliers. Under the condition of anonymity, one of the sources stated that Russia intends to supply Pakistan with Urals crude.
The acquisition of Pakistan by Russia opens up a new market, boosting Moscow’s expanding sales to China and India as it diverts oil away from Western markets due to the conflict in the Ukraine.
Based in Karachi, Pakistan, Pakistan Refinery Limited (PRL) is a Pakistani oil refinery. This May 1960-founded company trades on the Pakistan Stock Exchange. In the late 1950s, the then-minister of fuel, power, and natural resources laid the cornerstone for the company.
The refinery’s profile as it stands today could be seen in 4 months. In addition to this development at Korangi Creek, on Karachi’s coastal belt, a tank farm has been built at Keamari Town to make it easier to store and transport crude oil from Karachi Port to this refinery.