MOSCOW (MRC) -- Pakistan is negotiating to buy a second shipment of discounted Russian crude oil, the South Asian country's petroleum minister said on Wednesday, said Reuters.
Musadiq Malik told reporters there was no scenario where the country was "not benefiting" from Russian crude and added that Pakistan was "finalizing another cargo".
The first cargo of Russian Urals docked at Karachi port last month and was paid for in China's currency. Islamabad made the first purchase in April.
Pakistan got into Russian the deal in part to save on foreign exchange reserves, which are eaten up mainly by oil imports.
The country has been facing an acute balance of payment crisis, with its central bank reserves barely sufficient to cover a month of controlled imports.
We remind, Shell Plc has decided to exit Pakistan in a setback for the South Asian nation that is going through its worst economic crisis. The oil giant has informed Shell Pakistan Ltd. about its intent to sell its 77.42% stake and also 26% ownership of Pak-Arab Pipeline Co., it said in a statement. It is seeing strong interest from international buyers.