Pakistan Imports Second Russian Oil Cargo

Pakistan received its second shipment of Russian crude oil yesterday, an estimated 728,000 barrels according to TankerTrackers.

• The shipment was paid for in Chinese yuan due to Pakistan's foreign currency reserves running low. The first shipment was deemed too expensive as it involved transshipments.
• There were also concerns around the viability of using Russian oil in Pakistan due to the high yield of furnace oil.
• The first cargo was received by Pakistan Refinery Limited while this cargo was received by Cnergyico Pk.
• Oil industry experts say Pakistan can benefit from Russian crude imports once refineries are upgraded under the brownfield expansion of plants, allowing refineries to upgrade furnace oil into diesel and gasoline.
• Cnergyico Pk received the cargo at a Single Point Mooring Facility (SPM) allowing a larger cargo to arrive, an issue with the first cargo to Pakistan Refinery Limited.
• The test cargoes may pave the way for much larger volumes of Russia oil to arrive into Pakistan as it seeks discounted barrels to combat soaring energy prices.