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Pakistan, ITFC sign $386mn agreement for oil, LNG import

  • The facility will be utilized by Pakistan State Oil Company Limited (PSO), Pakistan Arab Refinery Limited, and Pakistan LNG Limited.
12 Oct, 2020

Pakistan and International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank (IsDB) Group, have signed a financing agreement amounting to USD386 million for the import of oil and Liquified Natural Gas (LNG).

As per details, the facility will be utilized by Pakistan State Oil Company Limited (PSO), Pakistan Arab Refinery Limited (PARCO), and Pakistan LNG Limited.

During the signing ceremony, both sides expressed the commitment to work closely with each other for the socio-economic development of the country.

Back in April 2019, Pakistan and the ITFC signed a trade financing facility agreement amounting to US$ 551 million for the import of oil and LNG. The agreement was between EAD, ITFC and representatives of Pakistan State Oil (PSO), Pak Arab Refinery Limited (PARCO), and Pakistan LNG Limited. Under the financing, the Agreement provides trade financing amounting to $551 million for a period of one year for the import of oil and LNG.

Comments

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Imdad Jafri Oct 12, 2020 05:41pm
Why are we once again taking loan to buy oil and LNG? This shows that we have yet again failed to make recoveries from buyers of oil and LNG. The circular debt is rising at alarming rate. This is most dismal performance by the present government.
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