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Second Russian crude oil cargo arrives at Karachi port

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  • Vessel is carrying 55,000 tonnes of oil.
  • Cargo was to arrive on June 20 earlier.
  • Lack of storage at PRL caused delay.

KARACHI: A second cargo of discounted 55,000 tonnes of Russian crude oil arrived at the Karachi port Tuesday.

As soon as the berthing plan of the ship is finalised, it will be docked at the oil pier. The ‘Clyde Noble’ vessel carrying Urals oil was in the Arabian Sea and en route to the port of Karachi, as per prior reports via sources.

“The vessel is expected to arrive at Karachi Port by Tuesday,” an insider from the oil industry had earlier told The News.

It was reported that the second cargo, under the deal between Islamabad and Moscow, was slated to arrive on June 20; however, it was delayed by a week and scheduled to dock today.

A lack of space in the Pakistan Refinery Limited (PRL) storage tanks was cited as the reason behind the delay. PRL is the first domestic refinery to obtain crude oil from Russia under the government-led deal.

Pakistan received its first cargo of Russian crude oil on June 12 when a tanker carrying 45,000 tonnes of crude oil docked at the Karachi port. 

The government had placed the first order of 100,000 tonnes of Russian crude oil in April this year after months-long parleys between the two countries over the terms and conditions of the deal.

Under this deal, Russia sent the first oil tanker carrying 100,000 metric tonnes of crude, which arrived at the Omani port early this month. However, the authorities decided that it would be transported to Pakistan through smaller ships as the Pakistani port could not accommodate heavy ships carrying more than 50,000 tonnes of oil cargo.

It is worth noting that the vessel, which was loaded with Ural crude on April 21 at a Russian port, was delayed for 10 days due to technical reasons. 

“It then arrived at Egypt’s Suez Canal on May 17, where it waited in a long queue for 12 days to cross the canal.”

Pakistan imports 70% of its crude oil, which is refined by PRL, National Refinery Limited, Pak Arab Refinery Limited, and Byco Petroleum. The remaining 30% is locally produced and refined by Attock Refinery Limited, a domestic entity.

Oil industry insiders said that the PRL was currently in the process of refining the Russian crude to produce the much-needed petroleum products. They informed that Russian crude oil was being blended with Arabian crude, which arrived a few days back following a PRL order for the necessary oil.

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April FDI in Pakistan increased to $358.8 million, according to SBP

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The inflow for April was $358.8 million, up 177% from $132 million in April FY23. Still, that was 39% more than the $258 million from March.

China was the largest investor, with $439.3 million in FDI from the nation between July and April of FY24—the greatest amount—as opposed to $604 million during the same period of FY23. In April, China accounted for $177 million of the total investment.

With $51.93 and 51.89 million invested in Pakistan, the United Arab Emirates and Canada came in second and third, respectively.

The power industry was the main draw for foreign investors in FY24, which ran from July to April. This period’s FDI in the power industry was $637.5 million, compared to $776.2 million the previous year. From $338 million to $460 million this year, Hydel Power garnered more attention.

Continue reading: In FY23–24, Pakistan’s per capita income increased to $1680.

According to a separate data released on Wednesday, Pakistanis’ per capita income increased to $1680 in FY2023–2024.

The size of the national economy grew from $341 billion to $375 billion in the current fiscal year, according to figures made public by PBS.

Throughout this fiscal year, Pakistanis’ yearly per capita income increased by Rs 90,534; the monthly rise was Rs 7,544.

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OGRA forbids the purchase or sale of inferior LPG cylinders.

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The 313 LPG marketing and 19 cylinder-producing companies received notices from the OGRA, which described the act of refilling inferior LPGO cylinders as harmful.

Avoid supplying LPG to unlicensed distributors, the OGRA has cautioned LPG marketing companies. Only approved distributors will be able to sell and buy LPG going forward, per the notification, which states that new SOPs have been developed for the LPG industry.

Additionally, the warning said that the decision was made in an effort to preserve both lives and the business in response to an increase in cylinder blast occurrences.

Price reductions of Rs 20 per kilogramme for liquefied petroleum gas (LPG) were implemented in Quetta on May 3.

There is a reduction of Rs 20 on LPG prices, which means that the price per kilogramme drops from Rs 280 to Rs 260.

The costs of LPG were reduced by Rs 20 per kilogramme earlier, bringing the total decrease to Rs 40 per kilogramme over a few weeks. This is something worth noticing.

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PIA announces a significant student discount.

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According to an airline spokesman, the national flag carrier has recently raised the baggage allowance to 60 kg.

Currently, PIA flies one flight per week on Sundays between Islamabad and Beijing.

The discount may be useful to students who intend to spend their summer vacations in Pakistan or who wish to return home after earning their degrees.

Before, students who wanted to visit China could now receive a 27% reduction on their fares through PIA.

On Eid ul Fitr, the national flag airline also reduced the cost of domestic flights by 20% for both economy and executive economy classes.

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