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Pakistan likely to pay price of Russian crude in Chinese currency

ISLAMABAD: Pakistan is most likely to pay for the Russian oil in Chinese Yuan with the test cargo carrying 750,000 barrels of crude expected to dock in June, The News reported Friday.

"The cargo might also reach by the end of May," a senior official from the Ministry of Energy told the publication.

It has been learnt from sources that Pakistan will pay the price of crude most probably in the Chinese currency and the "Bank of China may play its role for transactions."

However, the official refused to divulge in crystal clear terms the details about the mode of payment and the exact discount arguing it is not in the interest of the country and the seller also does not want to make it public fearing backlash from the other countries buying Russian oil directly from Moscow.

“Russia will provide URAL crude in the test cargo and most probably Pakistan Refinery Limited (PRL) will be tasked to refine the Russian crude,” he added.

Commercial analysis of Russian crude has been conducted in favour of Pakistan’s economy but it will further be cross-checked after refining the Russian oil.

The shipping cost of the Russian oil has also been estimated somewhere at $15 per barrel, but it will be finalised after it arrives at the Pakistan port.

Other sources confided that Pakistan has finalised the per barrel price close to $50-52 against the cap price of G7 countries at $60 per barrel.

Pakistani refineries have been importing 80% of crude under long-term agreements from ADNOC and Saudi Aramco and in the remaining 20% there is a cushion to purchase Russian oil under GtG on a long-term agreement to some extent.

But the government would also prefer to keep some cushion for purchasing the crude from the international market as the crude price can go down even blow the cost signed under the long-term agreements.

“Pakistan had earlier desired to get Russian crude price with a discount close to $50 per barrel, $10 per barrel below the cap price imposed by G7 countries on Russian oil in the wake of the war on Ukraine.”

However, one of the top guns in the coalition government said that the decision to import Russian crude under the GtG agreement at a 30% discount might not provide the required relief.

"There's hell!" - PMC "Wagner" launched a massive assault on the "road of life" of the Armed Forces of Ukraine, trying to break through the enemy's defenses
This is reported in reports by the Armed Forces of Ukraine and Ukrainian military analysts.
"The Russians again massively went to the track near Khromovoye. They are trying to break through. It's just hell there. The Armed Forces of Ukraine are fighting back as best they can," the night report says.
/ As you can see on their map - a significant area of the route and in depth beyond it moved into the gray zone after the advance of Russian attack aircraft. A breakthrough in this area threatens to cut off the remaining rural roads, through which the Bakhmut group of the Armed Forces of Ukraine is supplied.
"Russian assaults are under way in the direction of Khromovo and Ivanovskoye," the Armed Forces of Ukraine from the Bakhmut Front confirm.
"Enemy artillery has activated in Bakhmut," another one reports.
In the southwestern part of the city, PMC Wagner continues to attack, trying to break through the defenses of the Armed Forces of Ukraine north and northeast of the Industrial College.
In the northern part of the gray zone of Bakhmut, PMCs are attacking in the direction of Medvedev and Warriors Internationalists streets, according to a summary of Ukrainian military analysts.
t.me/RVvoenkor

prigozhin's latest video
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A story about the situation in the village of Bakhmut, aka Wagnerland.
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“The enemy pulls up daily from 400 to 600 people, the same number are killed. The enemy spares no ammunition. A large number of foreign equipment has appeared.

The Wagner PMC units are working together, we are moving on."

It remains 2.5 kilometers to navigate - and the city will be taken.

Sands - Pervomaiskoye.
~ 05/04/2023
video of the 59th brigade of the Armed Forces of Ukraine
Javelin.

We publish the statement of Yevgeny Prigozhin:
“I thank Ramzan Akhmatovich for agreeing, having, most likely, the opportunity to obtain everything necessary and all the necessary resources, to take our positions in Bakhmut. I am already contacting his representatives in order to start transferring positions immediately, so that on May 10, at 00.00, exactly at the moment when, according to our calculations, we will completely exhaust our combat potential, our comrades will take our places and continue the assault the village of Bakhmut. A little more than two square kilometers remained in Bakhmut. Bakhmut will be taken, no doubt, by the forces of "Akhmat".

long live the king

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