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Top related persons:
Musadiq Malik - 1 Malik - 1 Asif Shahzad - 1 Shivam Patel - 1 Toby Chopra - 1 Mark Potter - 1
Top related locs:
ISLAMABAD Pakistan Urals Karachi Russian India China Ukraine
Top related orgs:
PARCO - 1 Pakistan Refinery Limited - 1 International Monetary Fund - 1 Moscow - 1 Arab Refinery - 1 Energy - 1 United - 1 Thomson - 1

Search resuls for: "Pakistan Refinery Limited"


2 mentions found


☆ Pakistan negotiating second cargo of discounted Russian crude
  + stars: | 2023-07-12 | by ( Asif Shahzad | Thomson Reuters | Shahzad Is An Accomplished Media Professional | ) www.reuters.com   time to read: +3 min
SummaryCompanies Trial of first cargo a success - ministerPrivate refinery PARCO also asked to buy Russian oil - ministerDiscounted crude a boost amid Pakistan's strained financesISLAMABAD, July 12 (Reuters) - Pakistan is negotiating to buy a second shipment of discounted Russian crude oil, its petroleum minister said on Wednesday, highlighting the success of a first deal in helping the cash-starved nation. Musadiq Malik told reporters there was no scenario under which the country was "not benefiting" from Russian crude. "It will still benefit us," he said of the Russian oil. Malik said private entity Pak-Arab Refinery Limited (PARCO) had also been asked to import Russian crude. Islamabad is looking for Russian crude to account for one third of total oil imports.
Persons: Musadiq Malik, Malik, Asif Shahzad, Shivam Patel, Toby Chopra, Mark Potter Organizations: PARCO, Pakistan Refinery Limited, International Monetary Fund, Moscow, Arab Refinery, Energy, United, Thomson Locations: ISLAMABAD, Pakistan, Urals, Karachi, Russian, India, China, Ukraine, Moscow, Islamabad, Saudi Arabia, United Arab Emirates
☆ Pakistan plans Russian-Saudi oil 'cocktail' to help cut energy cost
  + stars: | 2023-05-09 | by ( Laura Sanicola Timothy Gardner | Laura Sanicola | Timothy Gardner | ) www.reuters.com   time to read: +4 min
The country is planning to purchase Russian crude oil at a discount as high prices caused by geopolitical tensions have caused fuel prices to more than double in Pakistan. Pakistan Refinery Limited (PRL) will initially refine the Russian crude in a trial run, followed by Pak-Arab Refinery Limited (PARCO) and other refineries later. Pakistan is undertaking several measures, including raising fuel prices, to unlock a $1.1 billion tranche of aid from the International Monetary Fund. Fuel prices have jumped 143 rupees ($0.5046), or nearly 100%, in the last 12 months. Fuels including diesel became more expensive globally after Russia invaded Ukraine, which resulted in Western nations that consume large quantities of diesel imposing sanctions on Russian oil.
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