*KARACHI: **Saudi Arabia has begun supplying oil on deferred payments toPakistan as the first vessel carrying Arab Light Crude Oil cargo berthed atKarachi Port on Saturday.*
“The first vessel M.T. Quetta arrived under the financing facility hasberthed at Karachi Port today,” according to a statement.
Saudi Arabia had announced last year in October an economic assistancepackage for Pakistan, including a three-year oil on deferred paymentsfacility.
“Pakistan will start receiving monthly oil supplies worth $275 million fromSaudi Arabia with effect from July 1,” the Saudi Embassy had said in astatement earlier this month.
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It said these supplies will continue over the next three years.
“The package expresses the keenness of the Saudi leadership to support thePakistani economy for achieving financial stability and help the governmentto overcome the economic challenges and put the comprehensive developmentin Pakistan, and to emphasise the depth of relations between the twobrotherly countries and peoples,” the statement reads.
