ISLAMABAD – Adviser to the Prime Minister on Finance, Revenue and EconomicAffairs Dr. Abdul Hafeez Shaikh witnessed the signing a trade financingfacility amounting to 551 million dollars with the International IslamicTrade Finance Corporation, a subsidiary of Islamic Development Bank Group,for import of oil and LNG.
This facility will be utilized by Pakistan state oil company limited, PakArab Refinery Limited and Pakistan LNG Limited.
The agreement was signed among the economic affairs division and ITFC andthe representatives of PSO, PARCO and Pakistan LNG Limited. The financingagreement provides trade financing amounting to 551 million dollar for aperiod of one year for import of oil and LNG.
Read Top Stories
ITFC has agreed to provide trade financing of 1.3 billion dollar during theyear 2019 for import of oil and LNG by PSO, PARCO and Pakistan LNG Limited.It may be recalled that this facility is a part of framework agreementsigned with ITFC in April 2018 for a total envelop of 4.5 billion dollarover for a period of three years 2018-2020.
