Significant progress for purchase of oil from Russia

Islamabad OCTOBER 19 (Online): An important progress has been made in the purchase of cheap oil from Russia; between Pakistan and Russia for the long-term purchase of oil.

Sources told that agreement was made on commercial basis, local refineries will buy oil directly from Russia, and regular supply will be followed by government-to-government agreement.

Sources of the Ministry of Petroleum say that the first cargo of the commercial agreement with Russia will reach Pakistan in December, the first oil tanker will contain one hundred thousand metric tons of crude oil, and Russia will deliver the oil to Pakistan at the port.

According to the sources, the price of Russian oil will be 60 dollars per barrel; this commercial agreement takes into account the limit of the price of Russian oil of the G7 countries.

Sources have said that Russian crude oil is ten dollars per barrel cheaper than the normal market even after taking out the rent and premium, and in the first test cargo, Pakistan saved 4 million dollars.