Saudi Arabia asked to renew $3.2b oil facility by Pakistan

Pakistan has requested Saudi Arabia to renew the $3.2 billion deferred payment facility for oil supplies after a one-year agreement between the two countries for the arrangement expired in May this year

Aug 13, 2020
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Pakistan has requested Saudi Arabia to renew the $3.2 billion deferred payment facility for oil supplies after a one-year agreement between the two countries for the arrangement expired in May this year.

“We have requested Saudi Arabia for an extension in the deferred payment facility but I can’t say when it will be renewed,” Special Adviser to the PM on Petroleum Division Nadeem Babar said at new conference on Wednesday.

He was accompanied by Federal Energy Minister Omar Ayub, Federal Science and Technology Minister Fawad Chaudhry, SAPM on Power Division Shahzad Qasim and Power Secretary Omer Rasul.

The ministers and SAPMs were briefing the media about the salient features of the Alternative Energy Policy, 2019.

Responding to a query, Babar said a false impression had been created that Saudi Arabia had refused to extend the facility.

“The renewal of the agreement is a normal process,” he added.

“In the first year, Pakistan didn’t utilise the entire $ 3.2 billion facility and now we have requested for its renewal for another year.”

https://tribune.com.pk/story/2259230/saudi-arabia-asked-to-renew-32b-oil-facility