Pakistan will start receiving oil supplies from Saudi Arabia on deferred payments this month. According to a press release issued by the Saudi embassy in Islamabad on Monday, Pakistan will start receiving monthly oil supplies worth $275 million.
These supplies will continue over the next three years with a total value of $9.9 billion.
It is worth mentioning here that in last October, The Kingdom of Saudi Arabia had announced an economic support package for Pakistan which included $3 billion for supporting the balance of external payments.
The package also included oil imports on deferred payments. The agreement between the two sides reached a total amount of $20 billion.
The statement said,
This package expresses the keenness of the Saudi leadership to support the Pakistan economy for achieving financial stability and help the government to overcome the economic challenges and push the comprehensive development in Pakistan, and to emphasize the depth of relations between the two brotherly countries and people.
According to the agreement, Saudi Aramco Company will supply 110,000 barrels/day crude oil to Pakistan’s state-run Pak-Arab Refinery and National Refinery.