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Second Russian crude oil cargo arrives at Karachi port

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1 year ago

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  • Vessel is carrying 55,000 tonnes of oil.
  • Cargo was to arrive on June 20 earlier.
  • Lack of storage at PRL caused delay.

KARACHI: A second cargo of discounted 55,000 tonnes of Russian crude oil arrived at the Karachi port Tuesday.

As soon as the berthing plan of the ship is finalised, it will be docked at the oil pier. The ‘Clyde Noble’ vessel carrying Urals oil was in the Arabian Sea and en route to the port of Karachi, as per prior reports via sources.

“The vessel is expected to arrive at Karachi Port by Tuesday,” an insider from the oil industry had earlier told The News.

It was reported that the second cargo, under the deal between Islamabad and Moscow, was slated to arrive on June 20; however, it was delayed by a week and scheduled to dock today.

A lack of space in the Pakistan Refinery Limited (PRL) storage tanks was cited as the reason behind the delay. PRL is the first domestic refinery to obtain crude oil from Russia under the government-led deal.

Pakistan received its first cargo of Russian crude oil on June 12 when a tanker carrying 45,000 tonnes of crude oil docked at the Karachi port. 

The government had placed the first order of 100,000 tonnes of Russian crude oil in April this year after months-long parleys between the two countries over the terms and conditions of the deal.

Under this deal, Russia sent the first oil tanker carrying 100,000 metric tonnes of crude, which arrived at the Omani port early this month. However, the authorities decided that it would be transported to Pakistan through smaller ships as the Pakistani port could not accommodate heavy ships carrying more than 50,000 tonnes of oil cargo.

It is worth noting that the vessel, which was loaded with Ural crude on April 21 at a Russian port, was delayed for 10 days due to technical reasons. 

“It then arrived at Egypt’s Suez Canal on May 17, where it waited in a long queue for 12 days to cross the canal.”

Pakistan imports 70% of its crude oil, which is refined by PRL, National Refinery Limited, Pak Arab Refinery Limited, and Byco Petroleum. The remaining 30% is locally produced and refined by Attock Refinery Limited, a domestic entity.

Oil industry insiders said that the PRL was currently in the process of refining the Russian crude to produce the much-needed petroleum products. They informed that Russian crude oil was being blended with Arabian crude, which arrived a few days back following a PRL order for the necessary oil.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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