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Pakistan paid for its first government-to-government import of Russian crude in Chinese currency, the South Asian country's petroleum minister said on Monday, a significant shift in its US dollar-dominated export payments policy.
The first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow arrived in Karachi on Sunday. It is currently being offloaded at the port.
Pakistani Petroleum Minister Musadik Malik, talking to Reuters by phone, did not disclose the commercial details of the deal, including pricing or the discount that Pakistan received.
Also read: Russia replaces Middle East as India’s largest crude oil supplier in May
"We've run iterations of various product mixes, and in no scenario will the refining of this crude make a loss," Malik said.
"We are very sure it will be commercially viable."
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