Islamabad : Pakistan will import around 32.7 Million Barrels (MBL) of crudeoil, during the year 2022, under an agreement signed with the Saudi Fundfor Development (SFD) to meet its needs of petroleum products on deferredpayment.
“The Pak-Arab Refinery Company Limited (PARCO) and National RefineryLimited (NRL) are planning to import 16.89 and 15.81 million barrels of oilin the year 2022 respectively,” according to an official document availablewith APP.
As per the agreement, the crude oil worth $100 million per month for oneyear could be imported on deferred payment.
“The price will be as per existing long term agreements/contracts betweenSaudi Aramco, PARCO and NRL,” it added.
The SFD programme is operative since March 7, 2022 and accordingly, theprocurement of oil has commenced.
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“The facility will be available for a 12 months period which may beextended for 1 year upon the consent of the parties. Repayment of thewithdrawn amounts plus the margin at the rate of 3.8% shall be made in oneannual installment in US$.”
Meanwhile, a senior official privy to petroleum sector developments toldAPP that the government had given the Exploration and Production companies,operating in Pakistan, a target to produce around 29 MBL crude oil duringthe current fiscal year.
The companies had produced 27 MBL of oil in 2020-21, he added.
