As the $1.2 billion Saudi Oil Facility has been operationalized, the first oil tanker is expected to arrive in Pakistan during the third week of March 2022.
To discuss related formalities and subsequent bilateral developments, Ambassador of the Kingdom of Saudi Arabia, Nawaf bin Saeed Al-Malkiy, and Director-General Saudi Development Fund (SFD), Dr. Saud Ayid R. Alshammari, called on Federal Minister for Economic Affairs, Omar Ayub Khan, in Islamabad on Wednesday.
The Minister for Economic Affairs acknowledged the timely operationalization of the Saudi Oil Facility for import for petroleum products on a one-year deferred payment basis. Under this facility, Pak Arab Refinery Limited (PARCO) and National Refinery Limited (NRL) will import petroleum products up to US$ 100 million per month from Saudi Arabia. The first oil tanker is expected to arrive in Pakistan in the third week of the ongoing month.
The Minister shared that Economic Affairs Division was going to implement the triad approach, i.e., physical progress verification by satellite with SUPARCO’s collaboration, financial tracking, and use of Gantt Charts for efficient monitoring and smooth implementation of the projects.
The two sides discussed bilateral economic cooperation including ongoing development projects and new initiatives. The Minister for Economic Affairs appreciated the technical and financial support of SFD for the socio-economic development of Pakistan. He stressed resolving all the bottlenecks and expediting the implementation of development projects.
The Saudi Ambassador assured the Minister of continuing support at all levels to further strengthen the bilateral economic cooperation. He reiterated that the Kingdom of Saudi Arabia was committed to playing a much stronger role in the socio-economic development of Pakistan.
Earlier, an SFD team, headed by Dr. Saud Ayid R. Alshammari and the Government of Pakistan team, led by Additional Secretary, Economic Affairs Division, Zubair Qureshi, reviewed the progress of 13 ongoing projects in Pakistan.
At present, SFD is providing financial assistance for various development projects in the areas of renewable energy, health, education, infrastructure, and housing.
During the portfolio review, the progress of ongoing projects including the construction of tunnels on Chella Bandi Raod, AJK, construction of infrastructure in Malakand Region, Golen Gol Hydropower Project, livelihood restoration in Balochistan, construction of Home Economics College, and King Salman bin Abdul Aziz Hospital in Islamabad was discussed. During the meeting, the two sides agreed to closely monitor the projects to expedite their implementation.
It was highlighted that SFD would also finance the construction of Mohmand Dam Project, Shounter Hydropower Project, Jagran-IV Hydropower Project (22 MW), Shagarthang Skardu HPP (26 MW), Attaabad, Hunza HPP (32.5 MW), Gravity Flow Water Scheme Mansehra, and Abbottabad-Muzaffarabad Road Project.
