OIL & GAS

Saudi stops supply of oil on deferred payments to Pakistan after deal expires

Pakistan has not received the oil on deferred payments from Saudi Arabia since May as a deal signed between the two close allies for provision of USD 3.2 billion worth of the fuel under the arrangement expired two months ago.

The USD 3.2 billion Saudi oil facility was part of the USD 6.2-billion Saudi Arabian package announced in November 2018 to ease Pakistan’s external sector woes, the Express Tribune reported on Friday.

The agreement expired in May and efforts are being made by the Finance Division to renew the facility, Petroleum Division spokesperson Sajid Qazi was quoted as saying by the paper.

Pakistan is awaiting response from the Saudi government over its request to further extend the facility, he added.

Source
India Today
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