Pakistan has welcomed its first cargo of Russian crude oil, marking a new chapter within the relationship between the 2 nations. The cargo, containing 45,000 metric tonnes of crude oil, arrived in Karachi, with a further 50,000 metric tonnes anticipated later this week. Prime Minister Shehbaz Sharif hailed the arrival as a “transformative day” for the economically troubled nation.
As Russia faces sanctions from Western powers because of its invasion of Ukraine, the Pakistan deal supplies Moscow with a brand new oil market, following India and China. Musadik Malik, Pakistan’s junior minister for petroleum, announced that petrol prices within the nation will lower once the Russian supply turns into regular, benefiting the nation’s residents.
Last chance is currently in disaster, with a extreme shortage of international currency for gas imports. The arrival of the Russian oil cargo comes at a crucial time, because the country’s international reserves amount to less than US$4bn, enough to cowl less than four weeks of imports. Furthermore, Pakistan awaits a US$1.1bn bailout package deal from the International Monetary Fund (IMF) as part of a US$6.5bn loan programme set to run out this month..