In an exciting development for Pakistan’s oil industry, a second shipment of 55,000 tonnes of discounted Russian crude oil has arrived at the Karachi port on Tuesday. This news marks a significant milestone in the country’s efforts to diversify its sources of crude oil.
Berthing Plan and Docking of the Vessel
Upon confirmation of the berthing plan, the vessel, named ‘Clyde Noble,’ will be docked at the oil pier. The ship had embarked on its journey carrying Urals oil with Karachi port as its destination in the Arabian Sea. Despite initial reports mentioning a scheduled arrival on June 20, the cargo faced a week-long delay, and it is now expected to dock today.
Reason for Delay
The delay in the vessel’s arrival was primarily attributed to the lack of space in the storage tanks of Pakistan Refinery Limited (PRL). As the first domestic refinery to obtain crude oil from Russia under the government-led deal, PRL encountered challenges accommodating the incoming cargo. However, the necessary arrangements have been made, and the refinery is now ready to receive the shipment.
Introduction of Russian Crude Oil
Pakistan welcomed its first cargo of Russian crude oil on June 12 when a tanker carrying 45,000 tonnes of crude oil successfully docked at the Karachi port. This achievement was the outcome of extensive negotiations between the governments of Pakistan and Russia, which resulted in a mutually beneficial agreement.
The Bilateral Deal
The bilateral deal between Islamabad and Moscow involved the placement of an initial order for 100,000 tonnes of Russian crude oil in April this year. The negotiations spanned several months as both countries deliberated over the terms and conditions of the agreement, ensuring that it would be favorable for both parties.
While the first oil tanker carrying 100,000 metric tonnes of crude arrived at the Omani port, logistical challenges necessitated an alternative approach for its transportation to Pakistan. Due to the limitations of the Pakistani port, which cannot accommodate heavy ships carrying more than 50,000 tonnes of oil cargo, it was decided that smaller ships would be employed for the transport.