Pakistani media reported on Saturday (May 6), citing government sources, that Pakistan may use yuan to pay for crude oil imported from Russia, with the first batch of 750,000 barrels of crude oil expected to arrive in the country as early as June.
An official at Pakistan's energy ministry, who spoke on condition of anonymity, said the deal would be backed by Bank of China.
The source did not provide details on the method of payment or the exact discounts Pakistan would receive, saying it would not be in the interest of buyers and sellers to make such information public.
It is reported that Pakistan Refinery Co., Ltd. will be the first refinery to refine Russian crude oil, and other refineries will join after trial operation.
Other sources said Pakistan had agreed to pay between $50 and $52 a barrel for crude oil, while the Group of Seven (G7) capped prices for Russian oil at $60 a barrel.
