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Pakistan eyes importing 1m tonnes of Russian oil per year

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  • First import of crude oil shipment arrived in June.
  • Second govt-to-govt cargo is being negotiated.
  • Cnergyico imported Russian crude oil cargo last week.

MOSCOW: Pakistan’s Caretaker Energy Minister Mohammad Ali said Islamabad was mulling to sign a long-term agreement to purchase between 0.7 million and 1 million tons (up to 20,000 bpd) of Russian oil per year, The News reported on Friday, quoting TASS, a Russian news agency.

After the export of Russian crude oil was banned from European markets following Moscow’s Ukraine invasion, Pakistan has attempted to benefit from buying the commodity at cheaper prices.

The first import of crude oil shipment arrived in Pakistan in June this year, while the second government-to-government cargo is being negotiated. Pakistan refiner Cnergyico, last week, imported the first-ever private-sector shipment of crude oil from Russia.

Grappling with high inflation and a foreign exchange crisis, Pakistan has also struggled with spot purchases of Liquified Natural Gas (LNG) after Russia’s invasion of Ukraine last year pushed prices to record highs, leaving the South Asian nation to face widespread power outages.

Earlier this month, Pakistan LNG Limited (PLL), a government subsidiary that procures LNG from the international market, awarded a tender to commodities trader Vitol for the delivery of a liquefied natural gas (LNG) cargo in December, making it the country’s first spot purchase in over a year.

Islamabad, early in October, was scheduled to discuss a long-term programme for the import of discounted crude oil from Russia with Moscow next week, as the government sought to diversify its energy supplies at cheaper rates.

A Pakistani delegation, headed by the interim energy minister, was scheduled to attend the Russian Energy Week 2023 on October 11-13 at the Manege Central Exhibition Hall in the Russian capital.

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With a loss of 32 paisas, the US dollar is now trading at 277 rupees on the interbank market.

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In the Interbank market, the United States dollar is currently trading at 277 rupees and 63 paise, indicating a depreciation of 32 paise. Yesterday, it reached a closing price of 277 rupees and 95 paise on the Interbank market.

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The price of gold has skyrocketed in Pakistan.

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Pakistan’s gold price recovered on Friday following a sharp drop the day before, mirroring worldwide market patterns.

According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola rose by Rs2,000 in the local market, ending at Rs278,800.

Likewise, the cost of 10 grams of 24-karat gold increased by Rs1,715 to Rs239,026.

With an extra $20 premium, the price of gold increased by $21 on Friday to $2,683 per ounce on the global market as well.

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The PSX-100 index reaches a record high and surpasses 93,000 points.

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Historically, the Pakistan Stock Exchange (PSX) exceeded the 93,000-point threshold for the first time, with the KSE-100 index increasing by 480 points to attain a record high of 93,001 points.

A significant milestone was reached on the final business day of the week, establishing a new record for the nation’s stock market.

Economists ascribe the market’s expansion to expectations of an enhanced economic rating for Pakistan and a favorable perspective on economic reforms. The session commenced positively, with the 100 index initially increasing by 250 points, reaching 92,770 points prior to the day’s zenith. The market concluded the prior day at 92,520 points.

Simultaneously, the Pakistani rupee appreciated as the dollar decreased by 20 paisa in the interbank market, now valued at 277.75 rupees. Economists attribute this enhancement to heightened remittances and a current account surplus, which have strengthened the rupee’s status.

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