Reuters reported that Pakistan paid for its first government-to-government import of Russian crude in Chinese currency, State Minister for Petroleum Musadik Malik said on Monday — a significant shift in its US dollar-dominated export payments policy.
The first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow arrived in Karachi on Sunday. It is currently being offloaded at the port.
Russian oil cargo in Pakistan
Malik, in a conversation with Reuters by phone, did not disclose the commercial details of the deal, including pricing or the discount that the country received.
“We’ve run iterations of various product mixes, and in no scenario will the refining of this crude make a loss,” he said.
