Pakistan, Saudi Arabia agree to operationalize Saudi Oil Facility worth $ 1.2bn

ISLAMABAD (92 News) – Pakistan and Saudi Arabia have agreed to operationalize the Saudi Oil Facility worth 1.2 billion dollars at the earliest.

An understanding to this effect came at a meeting between Minister for Economic Affairs Division Omar Ayub Khan and Saudi Ambassador Nawaf bin Saeed Al-Malkiy in Islamabad.

The Financing Agreement worth 1.2 billion dollars for import of petroleum products was signed on 29th November last year between the two countries.

As per Financing Agreement, the Saudi Arabia will extend financing facility up to 100 million dollars per month for one-year for purchase of petroleum products on deferred payment basis.

The Saudi Ambassador assured of continued support at all level to further strengthen the bilateral economic cooperation between the two brotherly countries.