First oil tanker under Saudi facility to arrive this month

ISLAMABAD: The first oil tanker under the Saudi facility is expected to arrive in Pakistan in the third week of March 2022.

Ambassador of the Kingdom of Saudi Arabia in Islamabad Nawaf bin Saeed Al-Malkiy and Saudi Development Fund Director General Dr Saud Ayid R Alshammari, called on Federal Minister for Economic Affairs Omar Ayub Khan on Wednesday.

Both sides discussed bilateral economic cooperation, including Saudi oil facility, ongoing development projects and the new initiatives.

Omar Ayub Khan also acknowledged the timely operationalisation of the Saudi oil facility worth $1.2 billion for the import of petroleum products on one-year deferred payment basis.

Under this facility, Pak Arab Refinery Limited (Parco) and the National Refinery Limited (NRL) will import petroleum products up to $100 million/month from Saudi Arabia.

The minister appreciated the technical and financial support of the Saudi Development Fund for socioeconomic development of Pakistan.

Khan directed to resolve all the bottlenecks and expedite the implementation of development projects on a fast-track basis. He also said the Economic Affairs Division is going to implement the triad approach, i.e., physical progress verification by satellite through EAD and Suparco’s collaboration, financial tracking and the use of Gantt Charts for efficient monitoring and smooth implementation of the projects.

The Saudi ambassador assured the minister of continued support at all levels for further strengthening the bilateral economic cooperation between the two brotherly countries.

He said the Kingdom of Saudi Arabia is committed to play a much stronger role in the socioeconomic development of Pakistan.

Earlier, Saudi Fund for Development (SFD) team, headed by Dr Saud Ayid R Alshammari, director general, and the government of Pakistan team, headed by Zubair Qureshi, additional secretary of EAD, reviewed the progress on 13 ongoing projects in Pakistan.

At present, Saudi Development Fund is providing financial assistance for various development projects in the areas of renewable energy, health, education, infrastructure and housing.

During the portfolio review, progress of the ongoing projects, including construction of tunnels on Chella Bandi Raod, AJK, construction of infrastructure in Malakand Division, Golen Gol hydropower project, livelihood restoration in Balochistan, construction of Home Economics College and King Salman Bin Abdul Aziz Hospital in Islamabad came under discussion.

During the meeting, it was agreed to closely monitor the slow moving projects and to make efforts to expedite their implementation.

It was also informed that the Saudi Development Fund will also finance the construction of Mohmand Dam project, Shounter hydropower project, Jagran-IV hydropower project (22MW), Shagarthang Skardu HPP (26MW), Attaabad, Hunza HPP (32.5MW), Gravity Flow Water Scheme Mansehra, and Abbottabad- Muzaffarabad road project.