The first oil tanker under the Saudi oil facility on deferred payments will reach in the third week of March.
Federal Minister for Economic Affairs Omar Ayub Khan met Saudi Ambassador to Pakistan, Nawaf bin Saeed Al Maliki. The minister appreciated the Saudi technical and monetary support for Pakistan’s social-economic development.
Read more: Pakistan to start using Saudi oil facility on deferred payment from March: Shaukat
Pakistan and Saudi Arabia agreed to operationalise the Saudi oil facility at the earliest for an agreement worth $1.2 billion for import of petroleum products was signed on November 29, 2021, between the two countries.
As per the financing agreement, the Saudi Fund for Development (SFD) will extend the financing facility up to $100 million per month for one year for the purchase of petroleum products on a deferred payment basis.
Both officials also discussed bilateral relationships, oil supply facility, ongoing uplift projects and other new measures.
Omar Ayub thanked the Saudi leadership for providing $1.2 billion oil facility to Pakistan and expressed his hope that the first oil tanker would reach by the third week of March.
On the occasion, the Saudi Ambassador said that bilateral relations of both countries would further be strengthened and assured that the cooperation between two countries would continue.
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He further said that Saudi Arabia would play its role in Pakistan’s social and economic progress.
