AGL 5.77 Decreased By ▼ -0.31 (-5.1%)
ANL 9.01 Decreased By ▼ -0.39 (-4.15%)
AVN 78.40 Decreased By ▼ -3.06 (-3.76%)
BOP 5.16 Decreased By ▼ -0.11 (-2.09%)
CNERGY 4.66 Decreased By ▼ -0.24 (-4.9%)
EFERT 80.54 Decreased By ▼ -1.01 (-1.24%)
EPCL 51.97 Decreased By ▼ -2.03 (-3.76%)
FCCL 13.59 Decreased By ▼ -0.81 (-5.63%)
FFL 5.87 Decreased By ▼ -0.18 (-2.98%)
FLYNG 7.09 Decreased By ▼ -0.47 (-6.22%)
FNEL 4.82 Decreased By ▼ -0.18 (-3.6%)
GGGL 8.89 Decreased By ▼ -0.43 (-4.61%)
GGL 15.89 Decreased By ▼ -0.81 (-4.85%)
HUMNL 5.83 Increased By ▲ 0.14 (2.46%)
KEL 2.60 Decreased By ▼ -0.19 (-6.81%)
LOTCHEM 29.94 Decreased By ▼ -0.61 (-2%)
MLCF 25.40 Decreased By ▼ -2.39 (-8.6%)
OGDC 72.23 Decreased By ▼ -1.77 (-2.39%)
PAEL 15.42 Decreased By ▼ -0.77 (-4.76%)
PIBTL 5.03 Decreased By ▼ -0.20 (-3.82%)
PRL 16.37 Decreased By ▼ -0.92 (-5.32%)
SILK 1.09 No Change ▼ 0.00 (0%)
TELE 9.60 Decreased By ▼ -0.44 (-4.38%)
TPL 7.30 Decreased By ▼ -0.40 (-5.19%)
TPLP 19.18 Decreased By ▼ -0.59 (-2.98%)
TREET 21.93 Decreased By ▼ -1.26 (-5.43%)
TRG 144.54 Decreased By ▼ -2.81 (-1.91%)
UNITY 16.60 Decreased By ▼ -0.59 (-3.43%)
WAVES 10.01 Decreased By ▼ -0.37 (-3.56%)
WTL 1.36 Decreased By ▼ -0.10 (-6.85%)
BR100 4,230 Decreased By -100.1 (-2.31%)
BR30 15,822 Decreased By -474.4 (-2.91%)
KSE100 42,071 Decreased By -832.3 (-1.94%)
KSE30 15,504 Decreased By -300.7 (-1.9%)
Follow us

ISLAMABAD: Pakistan imported petroleum products worth $100 million on deferred payment basis under the Saudi oil facility for the seventh consecutive month in September 2022.

Official documents revealed the government has budgeted estimates of $800 million for oil imports under the Saudi oil facility. The country has imported petroleum products worth $300 million in the first three months of the current fiscal year. Saudi Arabia provided petroleum products worth $700 million to Pakistan from March to September. It also provided petroleum products worth $100 million each during March, April, May, June, July, and August 2022.

The Financing Agreement worth $1.2 billion for the import of petroleum products was signed on 29 November 2021 between the Saudi Fund for Development (SFD) and Pakistan’s Economic Affairs Division (EAD).

Under this facility, the Pak-Arab Refinery Limited (PARCO) and the National Refinery Limited (NRL) will import petroleum products up to $100 million per month from Saudi Arabia.

OPEC+ oil production cut: Pakistan stands by Saudi Arabia in wake of US criticism

The SFD has extended the financing facility for up to $100 million per month for one year to facilitate the purchase of petroleum products on a deferred payment basis.

According to the official documents, the terms of the financing include the price of purchase by the SFD and a margin of 3.80 per cent per annum. The financing agreement will initially be valid for one year, which may be extended for another year with mutual consent.

Copyright Business Recorder, 2022

Comments

Comments are closed.

Saudi deferred payment facility: Country imports $100m oil in September

IMF, govt begin virtual engagement

Army’s role restricted to constitutional mandate: Bajwa

A democratic Pakistan is in Washington’s own interest: State Dept

Dar willing to allow sugar export?

Presidential Reference on Reko Diq project: SC to announce short order next week

Pakistan, IMF begin virtual engagement for loan talks

TTP ends ceasefire, orders nationwide attacks

Nepra decides to grant QASPPL micro-grid licences

KSE-100 plummets 2% as market reacts to 'surprise' rate hike

TTP ends ceasefire with govt, orders ‘attacks’ in country