The Russian-carrying ship “Clyde Noble” has arrived at Karachi Port, according to a statement released by KPT on Tuesday.
The Karachi Port Trust (KPT) reported that the second cargo of discounted Russian crude oil arranged under a new agreement reached between Islamabad and Moscow arrived in the port city of Karachi today, Tuesday.
With 45,122 metric tonnes of crude oil in the first cargo, which arrived earlier on June 11, Pakistan, which is struggling to make its debt payments and is in danger of defaulting, received relief.
The acquisition of Pakistan also provides Russia with a new market, increasing Moscow’s expanding sales to India and China as it diverts oil from western markets due to the conflict in the Ukraine.
The Russian-carrying ship “Clyde Noble” has arrived at Karachi Port, according to a statement released by KPT on Tuesday.
“Once the berthing plan of the ship is finalised, the ship loaded with the Russian crude oil will dock at the oil pier for unloading the cargo.”
The ship is currently waiting to berth at the port’s outer anchorage, according to a KPT spokesman.
The ship is anticipated to berth in the evening, at which point the choice regarding the oil offloading will be made, according to spokesperson Shariq Amin Farooqui.
Musadik Malik, Pakistan’s State Minister for Petroleum, stated in May that the country aimed to obtain 20% of its oil needs from Russia. It is a 100,000 tonne deal.
The Pakistan Refinery Limited is currently blending crude imported from Pakistan’s traditional gulf markets with Russian Urals oil.
According to the Petroleum Club of Pakistan, Pakistan only supplies 16 percent of its domestic oil needs and imports provide the remainder.
The oil shipment was delivered to the South Asian nation at a time when its central bank’s foreign exchange reserves were only $3.5 billion, which was not even enough to cover imports for one month. Also on hold are IMF bailout funds totaling $1.1 billion.
According to the Pakistan Bureau of Statistics, Pakistan’s petroleum imports decreased by 22% to $15.38 billion in the first eleven months of the current fiscal year, including 7 million tonnes of crude oil worth $4.5 billion (PBS).