Pakistan to receive first shipment under Saudi oil loan facility this month

Share
ISLAMABAD – Pakistan is expected to receive first oil tanker was in the third week of March, 2022 under the Saudi Oil Facility.
It emerged during a meeting between Minister for Economic Affairs Omar Ayub Khan and Nawaf bin Saeed Al-Malkiy, Ambassador of the Kingdom of Saudi Arabia in Islamabad on Wednesday.
The development comes days after Pakistan and Saudi Arabia agreed to operationalise the Saudi Oil Facility worth 1.2 billion dollars at the earliest.
The Financing Agreement worth 1.2 billion dollars for import of petroleum products was signed on 29th November last year between the two countries.
Under this facility, Pak Arab Refinery Limited (PARCO) and National Refinery Limited (NRL) will import petroleum products up to US$ 100 million per month from Saudi Arabia for one year on deferred payment basis.
Omar Ayub Khan and Saudi envoy discussed bilateral economic cooperation including Saudi Oil Facility, ongoing development projects and new initiatives.
Khan appreciated the technical & financial support of SFD for socioeconomic development of Pakistan. He further directed to resolve all the bottlenecks and expedite the implementation of development projects on fast track basis.
The SaudiaAmbassador assured of continued support at all level for further strengthening the bilateral economic cooperation between the two brotherly countries. The Saudi Ambassador expressed that the Kingdom of Saudi Arabia is committed to play a much stronger role in the socioeconomic development of Pakistan.
IMF approves $1billion loan tranche for Pakistan 10:22 AM | 3 Feb, 2022WASHINGTON – The International Monetary Fund's Executive Board has approved Islamabad’s request for a $1 ...
- Cotton crop care during monsoon05:45 PM | 28 Jun, 2022
- Rooftop agriculture07:25 PM | 25 Jun, 2022
- Paddy directly from seed cultivation method05:56 AM | 22 Jun, 2022
- Bio-fertilizers | benefits and usage04:55 PM | 18 Jun, 2022
- Different ways of adding fertilizers and other nutrients to crops05:29 AM | 15 Jun, 2022
- Pakistan again increases petrol, diesel prices09:46 PM | 30 Jun, 2022
- In a rare move, Pakistan announces punishment for cruelty against ...09:02 PM | 30 Jun, 2022
- FIFA lifts suspension of Pakistan Football Federation (VIDEO)08:28 PM | 30 Jun, 2022
- Shehnaaz Gill shares dreamy video enjoying riveting sunset07:50 PM | 30 Jun, 2022
- Hamza Shahbaz case: PTI to challenge LHC verdict in Supreme Court07:20 PM | 30 Jun, 2022
- Maya Ali sends pulses racing with new sizzling photos06:10 PM | 30 Jun, 2022
- Anoushay Abbasi drops stunning clicks from Dubai vacation06:46 PM | 30 Jun, 2022
- Shehnaaz Gill shares dreamy video enjoying riveting sunset07:50 PM | 30 Jun, 2022
- Pakistan’s largest city Karachi still among world’s least ...06:26 PM | 23 Jun, 2022
- 42 Pakistani universities make it to Times Higher Education Asia ...07:52 PM | 1 Jun, 2022
- Four Pakistanis make it to Forbes 30 Under 30 Asia List 202209:53 PM | 28 May, 2022
- Five best Pakistani YouTube channels that would make your Ramadan ...12:24 PM | 15 Apr, 2022