First shipment of Russian crude oil arrives for Karachi

Pakistan’s Prime Minister, Shahbaz Sharif, announced on Sunday that the first shipment of Russian crude oil at a reduced price had arrived in Karachi under a new agreement between Islamabad and Moscow.

On Twitter, Sharif tweeted: “I am pleased to announce the arrival of the first low-priced Russian crude oil shipment in Karachi and the shipment will begin unloading tomorrow.”

Demand for petroleum derivatives in Pakistan has declined significantly, due to various factors, according to a Ministry of Finance survey of Pakistan’s economy during the fiscal year to 2023/2022, but at the same time the survey showed the Government of Islamabad’s apparent interest in the gas and electricity sectors.

The Government is working to strengthen the country’s natural gas transmission systems through massive investment and is intensifying its efforts to support the electricity sector, serving Pakistan’s energy sector, according to information shared by the Specialized Energy Platform.