First shipment of Saudi crude oil on deferred payment reaches Karachi Port
Last updated on: 20 July,2019 08:49 pm
These supplies will continue over the next three years with a total value of $9.9 billion.
ISLAMABAD (Dunya News) - Pakistan has started receiving oil supplies from Saudi Arabia on deferred payments as the first shipment of crude oil under Saudi Fund Facility has reached Karachi port.
According to a press release issued by the Saudi embassy earlier, Pakistan will start receiving monthly oil supplies worth $275 million in current month. These supplies will continue over the next three years with a total value of $9.9 billion.
It is worth mentioning here that in last October, The Kingdom of Saudi Arabia had announced an economic support package for Pakistan which included $3 billion for supporting the balance of external payments.
The package also included oil imports on deferred payments. The agreement between the two sides reached a total amount of $20 billion.
This package expresses the keenness of the Saudi leadership to support the Pakistan economy for achieving financial stability and help the government to overcome the economic challenges and push the comprehensive development in Pakistan, and to emphasize the depth of relations between the two brotherly countries and people, statement from Saudi Embassy said.
According to the agreement, Saudi Aramco Company will supply 110,000 barrels/day crude oil to Pakistan’s state-run Pak-Arab Refinery and National Refinery.