Pakistan imported petroleum products worth $982.28 million on a deferred payment basis under the Saudi oil facility during the first ten months of the current fiscal year (FY23) against the budgeted estimates of $800 million for the entire fiscal year.
Official documents revealed that the country imported petroleum products worth $100 million on a deferred payment basis under the Saudi oil facility in April 2023.
Saudi Arabia also provided petroleum products worth $100 million each during July, August, September, October, November, and December 2022. In January Pakistan received oil products worth $90.11 million on deferred payment, while the country received petroleum products worth $92.17 million in February and $100 million in March.
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).
According to sources, the Kingdom of Saudi Arabia extended the deferred payment for another year in March this year. It is expected that Pakistan will avail the extended facility from March 2023 to Feb 2024.