First shipment of Russian Oil by end of Month

The Russian Crude Oil is about to reach Pakistan by the end of month. Minister of Petroleum Musadik Malik, said that first shipment of 100,000 tons of oil from Russia is poised to anchor at Oman port.

While talking to journalists, the Minister of Petroleum said that, oil shipment was anchored at Oman port just because of the logistics issues. The issue will be resolved and oil will reach Pakistan by the end of month.

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The decision of carrying oil in small ships was deemed the most practical and efficient solution for current times.

20 Million Tons of Oil Demand

Thw Minister of Petroleum Musadik Malik said that, Pakistan has annual demand of 20 million tons of oil and local production of country is only 10 to 11 million tons annuallly.

He further told that, consumption of furnace pil had significantly diminished over time, he emphasized the urgent requirement for a deep conversion refinery with a three to four million barrels capacity.

He also indicated the importance of 22 million tons import of oil by 2032 as the demand of petrol and oil could reach 33 to 34 million tons if serious measures are not made timely.

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The greenfield refining policy of Petroleum sector was also introduced by the government of Pakistan as the consumption of energy in Pakistan is lowest in South Asia. The deal of crude oil between Islamabad and Moscow was struck on April 20, 2023.