First order of discounted Russian oil

Pakistan makes first order of discounted Russian oil

ISLAMABAD:  Months after the visit of the Russian delegation to Pakistan for cooperation in energy and other sectors, the crisis-hit country has finally placed its first order for discounted Russian crude oil.

Islamabad placed the order under a new deal struck between two friendly nations, with one cargo expected to dock in South Asian nation next month. Islamabad’s purchase gives Kremlin a new outlet for its crude and will push its growing sales while facing the ban in West over the Ukraine invasion.

As the deal will help Moscow, it will also help crisis-hit Pakistan which is facing a balance of payments crisis and low foreign exchange reserves, with energy imports being the heftiest for country’s external payments. Agencies