30 May 2023 15:06

Pakistan to receive 750,000 tonnes of Russian Urals crude early June - minister

ISLAMABAD. May 30 (Interfax) - Pakistan will soon receive 750,000 barrels of Russian Urals crude, S&P Global Commodity Insights said.

Pakistan has signed an agreement to purchase the oil for delivery into an Omani port in May. It will be brought to Pakistan's Qasim port in small batches in the first half of June, Petroleum Minister Musadik Malik told the publication.

Pakistan's southern ports and oil terminals are only capable of handling a maximum oil tanker capacity of 50,000 million tonnes, or around 370,000 barrels, so the Russian crude first had to be delivered to Oman, Malik said.

S&P Global said Pakistan might have acquired the Urals crude at a discount of $20 per barrel to Platts Dated Brent or Platts front-month Dubai on a CFR basis.

Platts assessed Urals FOB Primorsk at an outright price of $51.325/barrel on May 26, compared with assessments of Cash Dubai at $75.34/barrel and Dated Brent at $76.435/barrel.