The unloading process of the initial shipment of discounted Russian oil, as part of the new agreement between Moscow and Islamabad, has commenced in Karachi, Pakistan.
The payment for this shipment was made in Chinese yuan, according to Pakistan's Oil Minister, Musadiq Malik, who shared this information with Reuters. However, specific commercial details of the agreement were not disclosed by the minister.
Mr. Malik stated that various product mixes were tested, affirming that there are no losses in refining this particular crude oil. The price of the deal was not revealed by the minister either. He expressed confidence that the agreement with Moscow would yield commercial benefits for Pakistan.
Reuters noted that Pakistan typically relies on U.S. dollar settlements for its export payments.
In January, Russia disclosed "conceptual agreements" regarding the provision of Russian oil and petroleum products to Pakistan. Islamabad anticipates that these imports from Russia will eventually fulfill up to 35% of its crude oil requirements.
As of today, June 12, Russian Foreign Minister Sergei Lavrov announced that discussions with Pakistan concerning the initiation of the oil project are in the concluding phase.
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