Saudi oil facility: POL worth $300m imported on deferred payment

ISLAMABAD: Pakistan imported petroleum products worth $300 million on a deferred payment basis under the Saudi oil facility during the first quarter (July-September) of the current fiscal year 2023-24 against the budgeted estimates of $600 million.

Official documents revealed that the country imported petroleum products worth $100 million on a deferred payment basis under the Saudi oil facility in September 2023. Saudi Arabia also provided petroleum products worth $100 million each in July and August 2023.

Pakistan imported petroleum products worth $1.182 billion on a deferred payment basis under the Saudi oil facility during the fiscal year 2022-23 against the budgeted estimates of $800 million.

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

Copyright Business Recorder, 2023