Pakistan PM says first discounted Russian crude oil cargo arrives in Karachi

"This is the first ever Russian oil cargo to Pakistan and the beginning of a new relationship between Pakistan and Russian Federation," he added. Reuters first reported on the deal in April.

Pakistan's Prime Minister Shehbaz Sharif on Sunday said the first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow had arrived in Karachi and will begin discharge on Monday.

"Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow," Sharif tweeted. "This is the first ever Russian oil cargo to Pakistan and the beginning of a new relationship between Pakistan and Russian Federation," he added.

Reuters first reported on the deal in April. The discounted crude offers a relief to Pakistan, which is facing a payments crisis and is at risk of defaulting on its debt. Pakistan's purchase gives Russia a new outlet, adding to Moscow's growing sales to India and China, as it redirects oil from western markets because of the Ukraine conflict.

Energy imports make up the majority of Pakistan's external payments. The country's imports of crude are expected to reach 100,000 barrels per day after the first cargo arrives on Monday.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)