Islamabad: A Saudi oil facility, promised last year, will begin its supply of crude oil and its products from July 1, 2019, a news source reported. Saudi Arabia had promised this facility to Pakistan in October last year.
A spokesman from the Finance ministry, Dr Khaqan Najeeb, stated that the facility will supply oil and oil products worth over USD 3 billion. He added that this supply will be on credit. Advisor to PM on Finance Dr Abdul Hafeez Shaikh took to Twitter to thank the Saudi Crown Prince Mohammad Bin Salman for continuously supporting the people of Pakistan. He added that the oil facility will be available for three years, and help strengthen Pakistan’s balance of payments position.
Meanwhile, Dr Najeeb has stated that a similar facility from United Arab Emirates (UAE) is still under process. In addition to this support from Saudi Arabia and UAE, the incumbent government has also arranged oil and liquefied natural gas (LNG) supplies worth around USD 551 million from the Islamic Trade Finance Corporation (ITFC).