Pakistan wants to buy oil from Russia for yuan on a permanent basis
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Pakistan plans to conclude a long-term agreement with Russia on the purchase of oil for yuan. About it in an interview Bloomberg Pakistan Energy Minister Khurram Dastgir Khan said. So far, Pakistan has placed an order for one batch of Russian oil, which it has paid for in dollars.
“We hope that if this becomes a long-term agreement, then the payment will be in (Pakistani) rupees and Chinese currency. We may have to increase the size of the currency swap (an operation to buy a currency with an obligation to sell it later on a specific date.— “b”) so that we can take advantage of other opportunities that may arise,” said Mr. Khan.
Russia in January announced on “conceptual agreements” on the supply of Russian oil and oil products to Pakistan. Islamabad expects imports from Russia to meet up to 35% of its crude oil needs in the future. In April Pakistan posted the first order for the supply of Russian oil. At the first stages, Russian oil will be processed by the Pakistani Refinery Limited.
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