ISLAMABAD – Pakistan is expected to receive first oil tanker was in thethird week of March, 2022 under the Saudi Oil Facility.
It emerged during a meeting between Minister for Economic Affairs Omar AyubKhan and Nawaf bin Saeed Al-Malkiy, Ambassador of the Kingdom of SaudiArabia in Islamabad on Wednesday.
The development comes days after Pakistan and Saudi Arabia agreed tooperationalise the Saudi Oil Facility worth 1.2 billion dollars at theearliest.
The Financing Agreement worth 1.2 billion dollars for import of petroleumproducts was signed on 29th November last year between the two countries.
Under this facility, Pak Arab Refinery Limited (PARCO) and NationalRefinery Limited (NRL) will import petroleum products up to US$ 100 millionper month from Saudi Arabia for one year on deferred payment basis.
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Omar Ayub Khan and Saudi envoy discussed bilateral economic cooperationincluding Saudi Oil Facility, ongoing development projects and newinitiatives.
Khan appreciated the technical & financial support of SFD for socioeconomicdevelopment of Pakistan. He further directed to resolve all the bottlenecksand expedite the implementation of development projects on fast track basis.
The SaudiaAmbassador assured of continued support at all level for furtherstrengthening the bilateral economic cooperation between the two brotherlycountries. The Saudi Ambassador expressed that the Kingdom of Saudi Arabiais committed to play a much stronger role in the socioeconomic developmentof Pakistan.
