A Russian oil ship named ‘Clyde Noble’ has arrived in Karachi, Pakistan, carrying crude oil. The ship is currently anchored at the Karachi Port. Once the ship’s berthing plan is finalized, it will be brought to the oil pier. This is not the first time Russia has exported crude oil to Pakistan. In June, a cargo carrying over 45,000 metric tons of discounted Russian crude oil arrived in Karachi. Pakistan paid for this oil in Chinese currency, as it was a government-to-government deal between the two countries. The recent shipment will be refined by Pakistan Refinery Limited (PRL) in a trial run, and other refineries in Pakistan will also receive the shipments. Experts at PRL have confirmed that the Russian fuel can be blended with Arabian light crude to meet up to one-third of Pakistan’s fuel needs. Pakistan is highly dependent on oil and energy imports, which contribute significantly to its import bill. The country is facing a balance of payments crisis due to decreasing foreign reserves. Additionally, Pakistan has been struggling to procure liquefied natural gas (LNG) from the international market due to high spot prices, further exacerbating its energy problems. The government has been rationing gas supplies to residential and commercial consumers due to declining local gas reserves.
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