The import of crude oil from Russia has been suspended after more furnace oil was produced than petrol during the refining process, according to sources in the energy sector, The News International reported on Sunday. The issue had gained political and diplomatic importance as Pakistan has always kept the exact price of Russian oil and its arrival secret, it reported.
According to industry sources, the Pakistan Refinery has given up refining of all the Russian oil for now despite the insistence of former state minister Musadik Malik. As per The News International, Sources claimed that the Pakistan Refinery had refused to process more Russian oil, as less petrol was being produced from it with 20 per cent more furnace oil compared to the Arabian crude oil.
It is evident as only two crude oil ships from Russia had arrived at the Karachi Port on June 11 and 26, after which no Russian oil ship had come to Pakistan. According to experts, if the prices of Brent crude oil and Arab Light Sea crude oil increase further and the price of Russian oil does not increase, only in such case the purchase of Russian oil could be beneficial for Pakistan. But chances for such a situation are limited, the experts believe, The News International reported. (Milap News Network)
Discussion about this post