ISLAMABAD – Pakistan and Saudi Arabia have agreed to operationalise the Saudi Oil Facility worth 1.2 billion dollars at the earliest, according to the state broadcaster.
An understanding to this effect came at a meeting between Minister for Economic Affairs Division Omar Ayub Khan and Saudi Ambassador Nawaf bin Saeed Al-Malkiy in Islamabad on Thursday.
The Financing Agreement worth 1.2 billion dollars for import of petroleum products was signed on 29th November last year between the two countries.
As per Financing Agreement, Saudi Arabia will extend financing facility up to 100 million dollars per month for one-year for purchase of petroleum products on deferred payment basis.
The Saudi envoy assured Pakistani side of continued support at all level to further strengthen the bilateral economic cooperation between the two brotherly countries.
