More Russian oil shipments being finalised: Musadik

Pakistan is negotiating to buy a second shipment of discounted Russian crude oil, Petroleum Minister Musadik Malik said on Wednesday, highlighting the success of a first deal in helping the cash-strapped nation. Malik told reporters there was no scenario under which the country was “not benefiting” from Russian crude. “We are finalising another cargo,” he said. Malik said the first cargo of 100,000 tonnes of Russian Urals had been successfully tested at the state-run Pakistan Refinery Ltd (PRL), despite limitations such as higher freight and insurance costs, and producing more furnace oil after refining compared with Arabian light oil. “It will still benefit us,” he said of the Russian oil. He did not disclose the quantity of oil under discussion for the second consignment. Pakistan has also not given details on the price or discount of the first shipment. Pakistan got into a Russian deal in part to save on foreign exchange reserves, which are used mainly for oil imports.