KSA extends oil on deferred payments to Pakistan

KSA extends oil on deferred payments to Pakistan

ISLAMABAD: The Kingdom of Saudi Arabia (KSA) has signed an agreement to extend an oil facility of $100 million per month for one year to Pakistan on deferred payments.

Sultan bin Abdulrahman Al-Marshad, CEO of Saudi Fund for Development (SFD) exchanged the Financing Agreement with Omer Ayub Khan, Minister for Economic Affairs for the Import of Saudi Goods on Monday.

Talking on the occasion, Minister for Economic Affairs stated that Pakistan values the bilateral and brotherly relations with the Kingdom of Saudi Arabia and thanked KSA for extending support for implementing the infrastructure and energy projects in Pakistan.

KSA helped Pakistan generously during the earthquake of 2005. Both the countries signed projects worth $500 million during the visit of the Prime Minister of Pakistan to the Kingdom in May this year. As per the Financing Agreement, the SFD will extend the financing facility up to $100 million per month for one year for the import of crude oil and petroleum products from Saudi Arabia, which will be extended for another year.

The CEO, SFD stated that Saudi Arabia holds relations with Pakistan in the highest esteem and assured to extend full support for the implementation of development projects in Pakistan. Both sides expressed their strong commitment to enhancing bilateral economic relations in the future.