Pakistan halts import of Russian crude oil: Sources

ISLAMABAD: Pakistan has temporarily halted its imports of Russian crude oil as the refining process yielded more furnace oil than petrol, simultaneously, making arrangements of negotiating a long-term agreement with Russia for the import of oil at ‘discounted rates’, ARY News reported on Monday, citing sources.

According to sources in the energy sector, it is stated that the quantity of jet fuel and diesel extracted from Russian oil was relatively low, resulting in less beneficial outcomes for the country.

READ: Petrol, Diesel prices likely to increase amid oil market pressure

Sources further revealed that Pakistani refineries have declined further processing of Russian oil, resulting in 20 percent less petrol obtained compared to Arab crude oil during refining.

The sources stated that Pakistan had imported around 100,000 tons of crude oil from Russia; however, Pakistan Refinery has refuted these claims.

The energy sector sources expressed that the endeavor with crude oil imported from Russia was successful and will again process Russian crude oil when it becomes available on ‘favorable trade terms’.