During the fiscal year 2022–2023, Pakistan imported petroleum products worth $1.182 billion on a deferred payment basis through the Saudi oil facility, above the $800 million budgeted expectations.
In June 2023, according to official documents from the Economic Affairs Division, the nation imported petroleum goods worth $100 million on a deferred payment basis through the Saudi oil facility.
Oil Goods Import From KSA
Additionally, Saudi Arabia supplied oil in the amount of $100 million in each of the following months of 2022: July, August, September, October, November, and December.
Pakistan got petroleum supplies worth $90.11 million in January on a deferred payment basis, followed by deliveries of $92.17 million in February, $100 million in each of March, April, and May, and $92.17 million in January.
The Saudi Fund for Development (SFD) and Pakistan’s Economic Affairs Division (EAD) reached an agreement in November 2021 for the funding of the import of petroleum products worth $1.2 billion.
Sources claim that in March of this year, the Kingdom of Saudi Arabia extended the deferred payment for an additional year. Pakistan is anticipated to use the expanded facility from March 2023 to February 2024.
To read our blog on “Saudi raises the majority of August oil prices to Asia,” click here.