AlwaysFree: Pakistan to Receive First-Ever Russian Oil Consignment in Three Days

• Expresses confidence that IMF wouldn't raise any objection

According to Samaa article published on May 24, 2023, a sigh of relief for the cash-strapped country as Minister of State for Petroleum Musadik Malik on Wednesday confirmed that the first-ever shipment carrying one lac tonnes of cheap oil from Russia would reach Pakistan within three days to facilitate the general public.

Addressing a presser in Islamabad, Malik also highlighted the approval of Pakistan’s new greenfield oil refining policy, emphasizing its potential to attract investment and foster economic growth.

The policy encourages the establishment of new refineries in special economic zones, offering tax exemptions and protection for investors under the Foreign Investment Act, added Malik.

Moreover, he shared details about the country’s energy security goals, including the LPG Airmix policy, which aims to provide LPG to areas without gas supply through private sector involvement.

Malik further underscored Pakistan’s annual demand for petrol and diesel, which currently stands at 20 to 21 million tonnes. While local refineries meet approximately 50% of the country’s oil requirements, the consumption of furnace oil is decreasing. By 2032, Pakistan anticipates an annual consumption of petrol and diesel reaching 33 million tonnes.

Regarding the logistics of the incoming shipment, Malik disclosed that the crude oil vessel from Russia is scheduled to arrive in Oman on May 27-28. From there, the oil will be transported to Pakistan through smaller ships. A hundred thousand tonnes of oil will be delivered through this initial shipment.

Responding to a question about potential objections from the International Monetary Fund (IMF) regarding the affordable petrol package for the underprivileged, Malik expressed confidence that such objections would not arise.

This development is expected to ease the financial burden on Pakistan, providing much-needed respite to the general public while fostering economic growth through increased investment and energy security. The nation eagerly awaits the arrival of the first-ever shipment of Russian oil, anticipating positive outcomes for its citizens and economy alike.

Tags: AlwaysFree,Crude Oil,English,ISC,Pakistan