Thursday, May 30, 2024

First Oil Cargo Under $1.2 Billion Saudi Facility to Arrive in Pakistan

In the third week of March 2022, the first oil ship under the Saudi arrangement is slated to arrive in Pakistan.

On Wednesday, Nawaf bin Saeed Al-Malkiy, the Saudi Arabian ambassador in Islamabad, and Dr Saud Ayid R Alshammari, the Director General of the Saudi Development Fund, paid a visit to Federal Minister for Economic Affairs Omar Ayub Khan.

Both parties talked on bilateral economic cooperation, such as the Saudi oil facility, existing development projects, and future initiatives.

Omar Ayub Khan also praised Saudi Arabia for completing the $1.2 billion Saudi oil facility in time for the import of petroleum products on a one-year deferred payment basis.

National Refinery Limited (NRL) and the Pak Arab Refinery Limited (Parco) will import petroleum products from Saudi Arabia worth up to $100 million per month under this agreement.

The minister praised the Saudi Growth Fund’s technical and financial assistance to Pakistan’s socioeconomic development.

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