PHOTO
Pakistan paid for its first government-to-government import of discounted Russian crude oil in Chinese Yuan, said Petroleum Minister Musadik Malik.
The deal consisted of 100,000 tonnes, of which 45,000 tonnes had docked at Karachi on Sunday, Reuters reported.
Pakistan’s Refinery Limited (PRL) will initially refine the Russian crude, the minister added.
The country’s foreign exchange reserves can hardly cover a month of controlled imports.
In March, Reuters reported, citing a top Pakistani finance ministry official, that China was working on a request from Pakistan to roll over a $2-billion loan, which matured on March 23.
(Writing by P Deol; Editing by Anoop Menon)
