Pakistan will receive its first cargo under the Saudi Oil Loan Facility this month
ISLAMABAD – Pakistan is expected to receive the first tanker in the third week of March 2022 under the Saudi Oil Facility.
He appeared during a meeting between Economic Affairs Minister Omar Ayub Khan and Nawaf bin Saeed Al-Malkiy, Ambassador of the Kingdom of Saudi Arabia to Islamabad on Wednesday.
The development comes days after Pakistan and Saudi Arabia agreed to operationalize the $1.2 billion Saudi Oil Facility at the earliest.
The financing agreement for an amount of 1.2 billion dollars for the import of petroleum products was signed on November 29 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 the basis of payment deferred.
Omar Ayub Khan and the Saudi envoy discussed bilateral economic cooperation, including the Saudi Oil Facility, ongoing development projects and new initiatives.
Khan appreciated SFD’s technical and financial support for the socio-economic development of Pakistan. He further ordered to resolve all bottlenecks and expedite the implementation of development projects on an expedited basis.
The Saudi Ambassador assured continuous support at all levels to further enhance bilateral economic cooperation between the two brotherly countries. The Saudi ambassador said the Kingdom of Saudi Arabia is committed to playing a much bigger role in the socio-economic development of Pakistan.