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First Saudi oil vessel on deferred payments reaches Karachi port

July 20, 2019
First Saudi oil vessel on deferred payments reaches Karachi port

Photo: AFP

The first vessel carrying Arab Light Crude Oil from Saudia Arabia reached the Karachi Port Saturday.

In October 2018, Saudi Arabia announced $3 billion financial assistance for Pakistan to help support its balance of payments. The Saudi economic support package also included oil imports on deferred payments facility.

The agreements between the two countries had reached a total amount of $20 billion.

“Pakistan will start receiving monthly oil supplies worth $275 million from Saudi Arabia with effect of July 1, 2019,” the Saudi embassy had said in a statement.

Related: Pakistan to start getting Saudi oil supplies from July

“These supplies will continue over the next three years, with a total value of $9.9 billion.”

The package expressed the keenness of the Saudi leadership to help Pakistan’s economy achieve financial stability and its government to overcome the economic challenges, the statement read.

It added that the Saudi financial assistance also emphasised the depth of relations between the two brotherly countries and peoples.

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