In the first five months of the current fiscal year 2022–23, Pakistan bought petroleum products worth $500 million on a delayed payment basis through the Saudi oil facility.
For the ninth consecutive month in November 2022, according to official papers, the nation bought petroleum goods worth $100 million on a delayed payment basis through the Saudi oil facility, bringing the total imports to $0.9 billion.
Additionally, Saudi Arabia contributed oil products worth $100 million each in the following months of 2022: March, April, May, June, July, August, September, and October.
The Saudi Fund for Development (SFD) and Pakistan’s Economic Affairs Division struck a funding arrangement last November for the import of petroleum products worth $1.2 billion (EAD). The National Refinery Limited (NRL) and the Pak-Arab Refinery Limited (PARCO) would import petroleum products from Saudi Arabia up to $100 million per month under the terms of this facility.
The parameters of the financing, according to the official records, include the price of acquisition by the SFD and a margin of 3.80 percent annually.
The National Refinery Limited (NRL) and the Pak-Arab Refinery Limited (PARCO) would import petroleum products from Saudi Arabia up to $100 million per month under the terms of this facility.
To read our blog on “Pakistan is seeking $4.2 billion from Saudi Arabia,” click here.
