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Pakistan’s authorities authorize commercial purchases of oil from Russian exporters

According to the media, the import of Russian crude via special purpose vehicle involves high risks

ISLAMABAD, October 18. /TASS/. The government of Pakistan has greenlit local companies to sign direct commercial contracts with Russian oil exporters, The Express Tribune said.

The decision was prompted by the slow-moving process of implementing the plan to conclude a long-term intergovernmental agreement on oil imports between Pakistan and Russia and bilateral agreements to create a special purpose vehicle (SPV) for imports of Russian hydrocarbons, the newspaper said.

"The import of Russian crude via SPV involves high risks," sources told The Express Tribune. Pakistani refineries will import oil from Russia on commercial terms. The government will not be involved, the newspaper said.

In June 2023, two tankers delivered 101,000 metric tons of Russian oil to the port of Karachi in Pakistan.

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