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Saudi Arabia extends deferred oil facility to Pakistan

ISLAMABAD, Pakistan: The Kingdom of Saudi Arabia (KSA) has signed an agreement to extend the oil facility of US$ 100 million per month for one year to Pakistan on deferred payments.

The CEO of the Saudi Fund for Development (SFD) H.E. Sultan bin Abdulrahman Al-Marshad exchanged the financing agreement with the Minister for Economic Affairs Omer Ayub Khan for the import of Saudi goods in Islamabad on Monday.

Talking on the occasion, the minister for economic affairs said that Pakistan values the bilateral and brotherly relations with the Kingdom of Saudi Arabia and thanked the KSA for extending support for implementing the infrastructure and energy projects in Pakistan.

Also Read: Saudi Arabia signs agreement to place $3 billion with State Bank of Pakistan

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The KSA helped Pakistan generously during the earthquake of 2005. Both the Countries signed projects worth US$ 500 million during the visit of the Prime Minister of Pakistan Imran Khan to the Kingdom in May this year.

As per the Financing Agreement, the SFD will extend the financing facility up to US$ 100 million per month for one year for the import of crude oil and petroleum products from Saudi Arabia, which will be extended for another year.

The CEO SFD stated that Saudi Arabia holds relations with Pakistan in the highest esteem and assured to extend full support for the implementation of development projects in Pakistan.

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Both sides expressed their strong commitment to enhancing bilateral economic relations in the future.

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