"It demonstrates the company's capabilities and readiness to refine different types and complexities of crude oil."
Cnergyico conducted due diligence and consulted with external sanctions counsel to ensure the import of Russian oil did not violate sanctions, he said.
Last year, Pakistan's total crude imports registered at 154,000 bpd.
The government paid in Chinese yuan for its first import of discounted Russian crude, which went to state-owned Pakistan Refinery Ltd (PKRF.PSX).
Cnergyico said it expects to make the Russian imports viable through the export of furnace oil to generate foreign exchange.
Persons:
Alexander Manzyuk, Cnergyico, Ariba Shahid, William Mallard, Tom Hogue
Organizations:
REUTERS, Rights, Reuters, Pakistan Refinery Ltd, Bank, United Arab, Thomson
Locations:
Republic of Tatarstan, Russia, Rights KARACHI, Pakistan, Ukraine, Saudi Arabia, United Arab Emirates, Karachi