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Pakistan’s new oil tanker arrives at Karachi port

Business

May 12, 2019

KARACHI: MT Khairpur, the new oil tanker acquired by Pakistan National Shipping Company (PNSC), has reached Karachi port, bringing the number of oil cargo vessels in the company's fleet to six, a statement said on Saturday.

The PNSC said the South-Korean-made ship, known as a clean product tanker, having a capacity of 75,000 DWT (LR-1 category), was built in 2012, then reconditioned and upgraded in accordance with the requirements of the national shipping company.

Speaking after the inspection of the vessel, Federal Minister for Maritime Affairs Ali Zaidi said another oil tanker had been added into PNSC’s fleet and it would provide relief in the freight Pakistan had to pay for oil imports.

Zaidi said exploration and drilling activities in the sea were on and a depth of 5392 meters had already been reached. “Confirmed details regarding oil and gas reserves would be received within two weeks,” the minister added.

The minister said Pakistan had to repay $9.09 billion this year, while a sum of $27 billion had to be repaid in next two years. “PTI (Pakistan Tehreek-e-Insaf) government only approached (IMF) International Monetary Fund so that loans taken by previous governments could be repaid,” Zaidi said.

He further said the government could not provide relief in the rates of electricity and gas, as this would compel the government to take more loans. Talking about the circular debt, the minister said the issue would be resolved by 2022.

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