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.
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.
