*KARACHI – The first shipment of crude oil from Saudi Arabia has arrivedat Karachi port.*
*According to finance ministry officials, Pakistan has started receivingoil supplies from SA on deferred payments under Saudi Fund Facility.*
According to a press release issued by the Saudi embassy earlier, Pakistanwill start receiving monthly oil supplies worth $275 million in currentmonth. These supplies will continue over the next three years with a totalvalue of $9.9 billion.
Last October, the Kingdom had announced an economic support package forPakistan which included $3 billion for supporting the balance of externalpayments.
The package also included oil imports on deferred payments. The agreementbetween the two sides reached a total amount of $20 billion.
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“This package expresses the keenness of the Saudi leadership to support thePakistan economy for achieving financial stability and help the governmentto overcome the economic challenges and push the comprehensive developmentin Pakistan, and to emphasize the depth of relations between the twobrotherly countries and people,” statement from Saudi Embassy said.
The Saudi Aramco Company will supply 110,000 barrels/day crude oil toPakistan’s state-run Pak-Arab Refinery and National Refinery, the agreementstates.
