ISLAMABAD: A Russian cargo ship carrying 100,000 tonnes of crude oil is behind schedule and is now expected to reach the Omani port of Duqm on June 7, a senior official told JEE News on Monday.
The official added that the oil will be transported to Pakistan by small ships from the Omani port, which will take about two weeks to reach Karachi’s Port Qasim. Pakistan initially expected the ship from Russia to reach Oman on May 27-28.
“A vessel loaded with Ural crude at a Russian port on April 21 was delayed for 10 days due to technical reasons,” the official said. “It then arrived at Egypt’s Suez Canal on May 17, where it waited in long lines for 12 days to cross the canal.”
After a two-day journey across the Red Sea, the boat will reach Duqm on Tuesday. The tanker will then offload the crude oil to a smaller vessel with a capacity of 50,000 tonnes. The first ship will reach Port Qasim on June 11.
The remaining 50,000 tonnes of Russian crude will be delivered to Port Qasim on June 20. Officials have said they will ensure the safe and smooth flow of Russian crude oil. The delay in the arrival of Russian crude is due to logistical challenges, the official said.
“The delay in the arrival of the cargo will not increase the cost of transportation as it is scheduled with the Russians,” he said. “However, if the price of crude oil falls during this period, it will be detrimental to the country.”
Pakistan Refinery Limited (PRL) will refine the test cargo of Russian crude oil, blending it with crude oil imported from the UAE and Saudi Aramco.
PRL has been tasked with submitting test reports to the government on oil quality, yield and commercial viability. The test cargo will also help the government estimate transportation costs, refining costs and margins for refineries.
Pakistan imports 70 percent of its crude oil, which is refined by PRL, National Refinery Limited, Pak Arab Refinery Limited, and Byco Petroleum. The remaining 30% is produced and refined locally by local refineries including Attock Refinery Limited.
The move comes at a time when Pakistan is trying to diversify its sources of oil imports amid rising global prices. Russia is a major producer of crude oil and has offered the country a discount on its oil prices. Payment for Russian crude oil will be made in yuan through the Bank of China.
