First Russian oil ship arrives at Karachi port
KARACHI ( Web News )
In a historic development, the first ship carrying Russian oil has arrived at Karachi port. As per details, the ship brought 45,142 metric tons of crude oil to Pakistan. The ship which arrived before the cyclone was anchored at berth OP2.
Minister of State for Petroleum Dr Musadik Malik earlier said the first shipment of 100,000 tons of crude oil from Russia was poised to anchor at Oman Port by the month’s end, from where it would be gradually brought to Pakistani ports by small ships.
Experts said that the launch of shipping services will reshape trade relations between both countries, with immense business opportunities and the potential to extend bilateral trade up to US$20 billion.
The direct cargo service will drastically reduce shipping time from a month to 18 days. The first vessel will arrive at Karachi today, while the second direct ship is expected to arrive at the port by May 29.
Currently, Pakistan’s exports to Russia stand at USD $150 million, while imports hover around USD $300 million. However, the implementation of this direct shipping service is anticipated to boost Pakistani exports to Russia by USD$2.5 billion in the coming years.
It may be noted that Pakistan placed its first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow on April 20.
He said Pakistan’s Refinery Limited (PRL) will initially refine the Russian crude, with other refineries to be included later after a trial run.