In a recent development, a Russian cargo vessel carrying 100,000 tonnes of crude oil has experienced delays and is now expected to reach the Omani port of Duqm on June 7. This delay has caused a setback in Pakistan’s plans as the oil was initially scheduled to arrive in Oman on May 27-28.
According to an official, the crude oil will be transported to Pakistan via smaller ships from the Omani port, which will take approximately two weeks to reach Port Qasim in Karachi. The Russian vessel, loaded with Ural crude on April 21 at a Russian port, encountered a delay of 10 days due to technical issues. Subsequently, it arrived at Egypt’s Suez Canal on May 17, where it faced a lengthy 12-day wait in a queue to cross the canal.
Following its journey across the Red Sea, the vessel is anticipated to reach Duqm on Tuesday. Upon arrival, the crude oil will be unloaded onto a smaller vessel with a capacity of 50,000 tons. This smaller vessel is expected to reach Port Qasim on June 11. The remaining 50,000 tons of Russian crude will be transported separately and is scheduled to arrive at Port Qasim on June 20.
According to The News, authorities have assured the safe and smooth arrival of the Russian crude, despite the logistical challenges that caused the delay. The official stated that the transportation cost has already been settled with the Russians, so the delay will not result in additional expenses. However, there is a concern that if the price of crude oil decreases during this period, it could have detrimental effects on the country.
Pakistan Refinery Limited (PRL) has been entrusted with the responsibility of refining the test cargo of Russian crude oil. PRL will blend this oil with crude imported from the United Arab Emirates and Saudi Aramco. The test cargo will provide valuable data to the government regarding the quality, yields, and commercial viability of the Russian oil. Additionally, it will assist the government in assessing transportation costs, refining expenses, and refining margins for the country’s refineries.
The government is eagerly awaiting PRL’s test report, which will aid in making informed decisions about future oil imports and refining processes.
