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Pakistan starts receiving crude oil from Saudi Arabia on deferred payment

Pakistan starts receiving crude oil from Saudi Arabia on deferred payment

KARACHI: Pakistan has started receiving crude oil on deferred payment from Saudi Arabia. In this regard two ships carrying 116,276 metric ton crude oil arrived at Karachi port on Saturday.

Sources said that ships namely M T Quetta and MT Lahore reached Karachi port carrying the Saudi crude oil.

MT Lahore is carrying 58,158 metric ton of crude oil and MT Quetta is carrying remaining 58,118 metric ton of crude oil. Saudi Arabia has pledged to provide $275 million worth crude oil monthly on deferred payment.

The supply of crude oil on deferred payment would remain continue for next three months. In total the oil rich country would provide crude oil amounting $9.9 billion during next three years.

The agreement for providing crude oil on deferred payment was signed during the visit of Saudi Arabia’s Crown Prince Mohammad bin Salman to Pakistan in February 2019.