HomeBusinessPakistan and Saudi Arabia to operationalize $1.2 billion oil facility - Webeys

Pakistan and Saudi Arabia to operationalize $1.2 billion oil facility – Webeys

According to Pakistani state television, the $1.2 billion Saudi Oil Facility will be commissioned as soon as possible.

On Thursday, Economy Minister Omar Ayub Khan and Saudi Ambassador Nawaf bin Saeed Al-Malkiy met in Islamabad and reached an agreement.

On November 29 last year, the two countries signed a $1.2 billion financing agreement for petroleum imports.

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Under the financing agreement, Saudi Arabia will provide a one-year financial facility of up to $100 million per month for the purchase of petroleum products on a deferred payment basis.

The Saudi envoy told the Pakistani side it will continue to receive support at all levels to develop bilateral economic cooperation between the two brother nations.

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