Saudi Oil Supply On Credit To Start In New Fiscal Year

Saudi oil supply on credit to start in new fiscal year

Saudi Arabia will begin supplying oil to Pakistan on deferred payments at the start of new fiscal year in July, the kingdom's embassy in Islamabad said on Monday, says in media reports

Islamabad (Pakistan Point News / Online - 01st July, 2019) Saudi Arabia will begin supplying oil to Pakistan on deferred payments at the start of new fiscal year in July, the kingdom's embassy in Islamabad said on Monday, says in media reports."Pakistan will start receiving monthly oil supplies worth $275 million from Saudi Arabia with effect of July 1, 2019," the embassy said in a notification. "These supplies will continue over the next three years, with a total value of $9.

9 billion," it added.The two countries inked a financing agreement for the import of petroleum products, crude oil and LNG on February 17 during the Saudi crown prince's Islamabad visit earlier this year. Pakistan expects the Saudi facility to help ease pressure on the balance of payments.Under the agreement, the Pak-Arab Refinery Company (Parco) and the National Refinery Limited (NRL) would procure crude oil from the Saudi Aramco Product Trading Company. Similarly, the Pakistan State Oil (PSO) and the Pakistan LNG Limited (PLL) would procure petroleum products and LNG from the Saudi company respectively.