Pakistan has achieved remarkable advancements in securing a cost-efficient source of oil from Russia under a long-term oil procurement arrangement.
Within the framework of this agreement, local refineries will directly purchase Russian oil, with deliveries scheduled to be made to a Pakistani port. The agreed-upon price for this oil stands at $60 per barrel, and the initial shipment, comprising 100,000 metric tonnes of crude oil, is slated to arrive in Pakistan this coming December.
Furthermore, it is anticipated that government-level negotiations will ensue once regular oil supplies are initiated.
This commercial accord also takes into account the G7 price ceiling for Russian oil, which offers a $10 per barrel advantage over prevailing market rates, even after factoring out the rent premium.
In fact, Pakistan’s initial test cargo has already translated into savings amounting to $400 million.