ISLAMABAD – Saudi-based International Islamic Trade Finance Corporation(ITFC) is likely to extend $1.5 billion in annual credit facility for LNGimports to Pakidtan, sources have revealed.
Moreover the negotiations have matured and during the UAE Crown Prince’svisit a $3.2 billion oil credit facility for Pakistan will be announcedakin to the one extended by Saudi Arabia last October.
UAE in December had announced its intention to deposit $3 billion in theState Bank of Pakistan (SBP) to shore up the country’s foreign exchangereserves and prevent an economic crisis.
Pakistan is expecting to receive $9 billion in credit facilities for LNGand oil imports from Saudi Arabia, UAE, ITFC and Qatar to pay its risingimport bills.
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The country’s yearly oil imports are projected at $12.5 billion andapproximately half of it would be financed through the credit facilitiesfrom Middle East countries.
And Pakistan’s annual LNG import bill stands between $4.2 to $4.5 billion.At present Pakistan imports eight LNG cargoes a month from which five areimported from Qatar and the rest from Geneva-based commodity trading firmGunvor and Italian oil and gas company ENI.
